The 30-share index Sensex crossed the 17k mark on Friday and closed the week at 17,064.95 after registering a gain of 142.87 points on the back of heavy speculative demand from local operators plus optimistic worldwide signals.

The board-based Nifty also ended the week above 5,100 mark at 5,119.35 with a modest gain of 40.75 points.

Buying action in heavyweights such as RIL, BHEL, ICICI Bank, HDFC, TCS HDFC Bank and SBI assisted the stock market a lot.

Mukesh Ambani led Reliance Industries (RIL) has forayed into the telecommunication segment by getting hold of 95% equity in Infotel Broadband and making it a subsidiary.

RIL also declared its sixth oil discovery in exploratory block CB-ONN-2003/1 (CB 10 A and B), granted under the NELP-V round of exploration bidding. The shares surged 3.03% to end strongly at Rs 1,046.25.

India industrial output rose at a much faster than expected rate of 17.6% in April from 13.5% a month earlier led by growth across all sectors.

Finance Minister Pranab Mukherjee announced that the industrial development was hopeful. But, economists said the data is unlikely to prompt any immediate policy action from the central bank as fears over Europe's debt crisis and the condition of the worldwide economic recovery are expected to prevent any plan tightening before the next scheduled quarterly review on July 27.

Optimistic global markets were the main trigger on Friday.

The Sensex started the day on a strong note at 16,994.07 and afterward, it went up 209.48 points and hit a high of 17,131.56 in mid-morning trade. On the other hand, the Nifty opened flat at 5078.75 points and then recorded the day's high at 5,139.05 and a low at 5078.75 points.

Today's new listing--Standard Chartered PLC ended at Rs 103.05 as compared to Rs 104 per IDR.

The markets reported total turnover of Rs 1,05,859.14 crore, which comprised Rs 13,254.10 crore from NSE cash segment, Rs 88,216.24 crore from NSE F and O and the balance Rs 4,388.80 crore from BSE cash segment.

BSE clocked turnover of Rs 4147 crore, higher than Rs 3602.05 crore on previous day. (With Inputs from Agencies)