Mumbai: Defying domestic negative issues, both the key indices, Sensex and Nifty, logged their biggest weekly gains in absolute terms in more than two years during the week under review after European leaders on Thursday reached a plan to resolve debt problems.

The markets were closed for regular trading on October 26, but were open between 1645 hrs and 1800 hrs for special 'Mahurat' trading. They were closed on October 27 for Diwali.

The total investor wealth, measured in terms of cumulative market value of all listed stocks, soared to Rs 62,64,794 crore this week from Rs 59,98,751 crore in last weekend. On Friday alone, a 516-point rally on Sensex made investors richer by Rs 1.5-lakh crore.

The Bombay Stock Exchange 30-share barometer resumed up and traded in positive terrain during the week between 17,908.13 and 16,898.60 before concluding the week at three- month high of 17,804.80, a rise of 1,019.16 points, or 6.07 percent.

The Sensex had shot up by 1,240.70 points, or 9.19 percent, in the trading week July 13-July 17, 2009.

Similarly, the NSE wide-based Nifty gyrated in a range between 5,399.70 and 5,084.75 before settling the week at three-month high of 5,360.70, exhibiting a surge of 310.75 points, or 6.15 percent.

Buying was seen across a raft of segments as 12 out of 13 sectoral indices on BSE closed with sharp gains between 9.39 percent and 2.51 percent with metal, realty, refinery, IT and power scrips leading the pack. Only BSE-CD ended in the red, declining marginally by 1.08 percent. Overall, 28 out of 30 Sensex-based scrips ended with sharp to moderate gains, while banking majors HDFC Bank and SBI finished in the red.

The Reserve Bank on Tuesday raised its lending rates (repo and reverse repo) by 25 basis points -- 13th hike since March 2010 -- and lowered the GDP growth projection to 7.6 percent for the current fiscal.

However, hint of a pause in RBI policy stance provided some relief to investors, analysts said. The rate hike will make all loans, including home and auto, costly and crimp corporate margins, but the RBI move was well anticipated and already factored in share prices, they maintained.

Frenzied short-coverings on the last day of settlement on Tuesday in derivative contracts also supported the rally.

On the global front, Asian stocks closed strong in the week, posting best weekly gains in the last couple of years, after European leaders on Thursday agreed to a long-awaited plan to resolve the two-year debt crisis. The plan encouraged investors to put money back in riskier assets like stocks.

Higher-than-expected US economic data too further boosted the sentiment.

Key indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan closed the week up between 4.28 percent and 11.06 percent.

European markets finished higher between 3.89 percent and 6.28 percent. In US, the Dow Jones Industrial Average and the tech-laden Nasdaq Composite Index, too, registered weekly gains of 3.58 percent and 3.78 percent, respectively.

European Union members agreed in their summit to raise the eurozone bailout fund to about Euro one trillion and also to recapitalise banks. The EU struck a deal with private lenders to accept a 50 percent on their Greek bonds further boosted the market sentiment.