Indian equities seemed to have stabilized this week after widespread selling activity weighed deeply on key indices for a month.

The 30-share index BSE index recorded modest gains, surging 236 points up from its last week’s closure at 15,915.65 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) ended the week at 4,757.25.

The stock markets, which remained shut Friday because of Mahashivratri, shed the fears from growing sovereign debt in some European nations and the ramifications it could have on a worldwide economic recovery, which is still in early phases.

During the week, the BSE midcap index gained 1.15% and the BSE smallcap index rose 1.28%.

Among major gainers in the Sensex included Ambuja Cements (up 7.1 percent), Hero Honda (up 6.7 percent), Infosys (up 6.2 percent), Grasim (up 5.2 percent) and Bharti Airtel (up 4.8 percent).

The top gainers were Tata Steel (down 3 percent), Tata Power (down 1.5 percent), DLF (down 0.6 percent), NTPC (down 0.5 percent) and ITC (down 0.5 percent).

Data with SEBI indicated that foreign funds were net sellers during the week, having sold scrips worth $612.14 million.

In the upcoming weeks, before the announcement of budget, analysts are expecting a rally buoyed by ongoing growth numbers and better than expected IP numbers. (With Input from Agencies)