One reason behind the upsurge was the end of the Kargil conflict which had kept the market from rallying in the past few days. Secondly, the country's economy had firmed up due to low inflation (at a 20-year low), easy interest rates, prospects of a good monsoon and positive inflows from foreign funds, a Skindia Finance release said.

During the week, the Skindia GDR index touched the 52-week high of 988.13 and the average spreads of the 40 most actively traded GDRs narrowed to 5.51 per cent on July 15 from 5.70 per cent on July 8 due to increased activity. At the same time, the average premiums moved down to 7.15 per cent on July 15 from 7.49 per cent on July 8.

During the week-ended, 16 companies had touched their 52-week high. Among them, ICICI, Indian Aluminium, India Hotels, L&T, SBI and Telco were prominent.

The 63 depository receipts on an average gained 9.23per cent. In the industry wise break up, the GDRs from IT sector were the top gainers appreciating 25.57 per cent followed by aluminium and hotel sector.