Mumbai, June 19 (IANS) Indian equities markets rose in tandem with global bourses in the week gone by, with a benchmark index rising almost 3 percent from its previous weekly close as investors across the globe continued to buy on hopes that there would not be another full-blown financial crisis, this time triggered by Europe.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 2.96 percent or 505.87 points to end at 17,570.82 points Friday. The sensex the week before had closed at 17,064.95 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) too ended the week on a high at 5,262.6 points, up 143.25 points or 2.79 percent, from its previous weekly close at 5,119.35 points.

Broader indices closed a tad lower with the BSE midcap index gaining 1.32 percent and the BSE smallcap index went up 2.41 percent.

The Sensex, however, ended a seven-day gaining streak on Friday to end 0.3 percent lower even as trading sentiments were helped only for a brief period by Reliance Industries announcement that it would be investing in power and telecom sectors in a big way doubling its turnover in the next decade.

The Sensex's spirited rise was also helped by foreign institutional investors, who according to data with the Securities and Exchange Board of India (SEBI), bought scrips worth $723.55 million during the week.

Among other Asian markets, the Japanes Nikkei gained about 3 percent to end the week at 9,995.02 points after investor interest returned in that market.

The Hang Seng of the Hong Kong Stock Exchange closed at 20,286.71 points, 2.08 percent higher.

However, the Chinese Shanghai composite index ended in the red at 2,513.22 points, down 2.21 percent from its previous weekly close, after the government said it would put a cap on rising drug prices.

Key European indices rose to highs not seen in almost a year as worries over sovereign debt of some of the countries retreated.

London's FTSE shut shop 1.69 percent up to close the week at 5,250.84 points. Its French peer CAC ended 3.7 percent higher at 3,687.21 points, while the German DAX closed 2.8 percent up at 6,216.98 points.

During the week US markets saw its biggest gains since November 2009 amid signs that positive economic growth was on the cards and fears of the Euro zone financial crisis not looming large anymore.

The benchmark indices such as the Nasdaq rose 2.95 percent to close the week at 2,309.8 points, and the S&P 500 soared 2.37 percent at 1,117.51 points.

The Dow Jones industrial average also closed 2.35 percent up at 10,450.64 points.