Indian equities on Friday closed the week on a flat note amid declarations from both Ambani brothers' firms that they had inked a new gas supply deal and the government freeing auto fuel prices.

The Sensex marked its closure at 17,574.53, up 3.71 points as against its last closure at 17,570.82 on Thursday.

The broad-based Nifty closed the week at 5,269.05 after gaining 6.45 points as compared to its last weekly closure at 5,262.6.

Anil Ambani-promoted RNRL entered into a revised gas supply deal with RIL, controlled by Mukesh Ambani, which sent stocks of both the groups soaring.

As per RIL's declaration, "The said gas supply master agreement is compliant with the gas utilisation policy and eGOM (empowered Group of Ministers) decisions."

The government sanctioned rate stood at $4.2 per million metric British thermal units (mmBtu), but both firms refrained from mentioning the cost, supply tenure and the quantity of gas decided upon.

In other major news, the Administration Friday freed the cost of auto fuels, petrol and diesel, permitting oil marketing firms to price the fuels depending on the international prices of crude oil.

The stocks of State-run oil companies went up as a result with many gaining more than 10% in a single day.

Broader indices reflected gains in oil stocks, consumer durables, healthcare, realty and FMCG scrips. The midcap index ended Friday gaining 1.53 percent and the BSE smallcap index went up 1.62 percent.

According to data with the Securities and Exchange Board of India (SEBI), FIIs purchased shares worth more than $1.1 billion in the week.

Among other Asian markets, investor reactions remained jittery after a mediocre economic outlook painted by the US Federal Reserve and financial crisis in Europe.

The Japanese Nikkei declined 2.58% to close at 9,737.48, whereas the Hang Seng of the Hong Kong Stock Exchange ended at 20,690.79, up 1.99%.

The Chinese Shanghai composite index also closed among gains at 2,552.82, up 1.58% as against its last weekly closure.

Key European indices marked its closure in the red over the gloomy US economic data, whereas BP's losses to clean the Gulf of Mexico oil spill sent the stock tumbling pulling down investor sentiments.

London's FTSE closed 3.89% down at 5,046.47. Its French peer CAC dropped a whopping 4.54% at 3,519.73, whereas the German DAX ended 2.35% down at 6,070.60.

It was also a feeble week at Wall Street.

The benchmark indices including the Nasdaq lost 3.74% to end the week at 2,223.48, and the S&P 500 fell 3.65% at 1,076.76.

The Dow Jones industrial average ended 2.94% up at 10,143.81. (With Inputs from Agencies)