A strong rally in the stock market, the biggest in the last two months, on Friday added an estimated Rs 1.5 lakh crore to the investors' wealth.

Erasing initial gains, the BSE benchmark Sensex fell 151 points on selling by funds in interest-rate linked stocks amid fears that the Reserve Bank may hike its lending rate further to tame inflation.

Across-the-field sell-off triggered bysteep fall in country's largest software exporter TCS as well as distinctlyweak global advices pushed the benchmark Sensex down by nearly 277 points toend below psychological 17K-mark at 16,748.29.

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Indian markets ended sharply higher on Monday, aided by strong global cues after the leaders of France and Germany promised action on Europe's debt crisis.

Enactment of the new Mining Bill is likely to have a negative impact on existing pure-play mining companies, with their profits impacted by as much as 12 per cent, global research firm Macquarie says.

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Top two heavyweights, Reliance Industries and Infosys, together having about 20 per cent weightage in the Sensex, contributed nearly 110 points to the index gain.

In a choppy trade during the week under review, buying in IT, refinery and realty stocks after mid-week helped the benchmark Sensex to wipe out all of its early losses and closed up by nearly 67 points at 16,933.83, extending gains for the third straight week.

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The BSE benchmark Sensex on Monday plungedover 365 points on heavy selling triggered by a steep fall in domesticindustrial growth and weak trend in global markets on renewed concerns ofeuro-zone debt crisis.

The BSE benchmark Sensex tumbled by over 298 points to close below the 17,000-mark on Friday due to heavy profit booking by funds, especially in metal and refinery stocks, after the recent rally.

The BSE benchmark Sensex snapped its longest five-week losing spree since October 2008 by vaulting 973 points, the biggest weekly gain in absolute term in last 10 months, on across-the-board buying during the truncated week under review.

The BSE benchmark Sensex gained for the third straight session on Friday adding nearly 145 points on buying by funds in fundamentally strong stocks, ignoring rising inflation and weak global cues.

The BSE benchmark Sensex posted its longest four-week losing streak since October 2008 as it plunged by 698 points to end at the 15-month low of 16,141.67 during the truncated week in line with mayhem in global markets on economic worries.

The BSE Sensex ended 315 points lower on Monday, led by losses in software exporters, after S&P downgrade of the US sovereign debt rating triggered another selloff in global markets. TRACK MARKETS LIVE

The 30-share BSE index plummets by 891.33 points to finish the week at 17,305.87, the level last seen on June 10, last year. Similarly, Nifty plunged 270.75 points to end at 5,211.25.

The 30-share Bombay Stock Exchange benchmark eased worries of panicking investors by checking through-the-day losses in a highly volatile day and closed at 17,305.87, down 387.31 points, or 2.19 per cent - its 14-month low. Nifty closed at 5,224.25, down 107.75 points. How Sensex fared during the day

Blue-chips like Reliance Industries, TCS, Tata Steel and Infosys plunged into deep red on stock market on Friday, as investors dumped stocks with significant export exposure after an overnight sell-off in the US market.

The Bombay Stock Exchange benchmark Sensex plunges on heavy selling by funds and investors in line with melting global markets amid worries over the US economy and the European debt crisis. Market leaders RIL and Infosys fail to arrest the decline. At 12.30 pm, Sensex was trading down 685.80 points at 17,007.38.