Mumbai, Sep 23 (IANS) Despite wild fluctuations and hasty profit taking, Indian shares ended higher for the ninth straight week with a key index inching closer toward its historic high thanks to buying support from foreign funds.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), a barometer for the performance of Indian stock markets, closed Friday at 12,236 points, up 1.89 percent, or 227.19 points, over the previous week's close at 12,009.59 points.

But the forward movement of the index was not without its share of fluctuations that have become an integral part of Indian markets for the past four months, as gains one day were marked by losses on the other.

Looking ahead, analysts expect the markets to remain volatile, as investors will shy away from taking fresh positions and look to cashing in on the gains with every rise in the indices.

"All eyes will now be on the corporate sector results that will start pouring in from the first week of October. At the present level of Sensex and the price-to-earnings multiples, little value can be found," said an analyst here.

"The fact that the key index is very near its all-time high of 12,671.11 points reached May 11 during intra-day trading will also prevent any major surges in the near future," said the analyst, who works with a leading brokerage firm.

During the week under review, trading began on a positive note, albeit amid wide fluctuation, resulting in the Sensex gaining 61.71 points, or 0.51 percent, over the previous trading day close.

But Tuesday was marked by some heavy selling that led to the key index taking a major of 100.83 points, or 0.84 percent, to end below the crucial 12,000-point mark at 11,970.47.

The seesaw battle between the bulls and bears continued Wednesday and the index more than managed to gain lost ground with an increase of 138.67 points, or 1.16 percent, at 12,109.14 points - the highest level since May 17.

Thursday saw the index consolidate the gains further, rising 165.13 points, or 1.36 percent, to close at 12,274 points. But Friday the index took a beating - and ended with a loss of 37.49 points, or 0.31 percent.

Foreign institutional investors (FIIs) were net purchasers of equities during each of the five trading days of the week, with net purchases worth $366.2 million, data available with the markets regulator showed.

Major gainers included Reliance Communications, up nine percent, Hindustan Lever and Housing Development Finance Corp, up 5.5 percent each and Bharti Tele, Bajaj Auto and Tata Consultancy, up around three percent each.

Losers were led by Tata Motors, down, four percent, followed by Maruti Udyog and Tata Steel, down 1.5 percent each.