For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.

Updates to market close, adds fresh comments

By Johann M Cherian and Shashwat Chauhan

March 30 (Reuters) -British stocks rose in a broad-based rally on Thursday, as risk-on sentiment prevailed due to easing concerns of a global banking meltdown, while power company SSE jumped after lifting its annual outlook.

The FTSE 100 .FTSE gained 1.5% at close, hitting its highest level in two weeks, while the FTSE 250 midcap index .FTMC also added 1.5%.

SSE SSE.L surged 4.1% after the power company lifted its annual earnings expectations.

Market jitters around a banking crisis eased after a U.S. regional bank scooped up assets of failed Silicon Valley Bank this week.

"With every passing day that we're not having another round of banking turmoil is the day that we go a step closer to people being confident that it was a blip, rather than the start of something terrible," said Craig Erlam, senior market analyst at Oanda.

British banks .FTNMX301010 extended gained for the fourth straight session, up 0.8%, hitting a one-week high.

Britain launched a long-awaited consultation on reforming rules brought in after the global financial crisis to make top bankers accountable for their decisions.

Britain's real estate sector .FTUB3510 finished up 3.3%, posting its best day in two months.

Property firm Warehouse REIT WHRW.L jumped 6.8% after providing a positive operational update.

Heading into the last trading day of the March quarter, London's FTSE 100 is on track to gain more than 2% for the quarter, though is set to decline for the month as concerns over a global banking meltdown shook global markets.

Optimism around a Chinese recovery has helped commodity prices appreciate, in turn boosting the commodity-linked heavyweights listed in the UK, particularly on the FTSE 100.

Amongst other movers, Petrofac Ltd PFC.L surged 69.9% after Dutch electricity grid operator TenneT awarded 11 contracts to build systems connecting wind farms in the North Sea to the shore to a consortium led by Hitachi Energy, of which Petrofac is a part.

Reporting by Johann M Cherian and Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips, Krishna Chandra Eluri and Alison WIlliams

 For related prices, Reuters users may click on - * UK stock report .L FTSE index: 0#.FTS6 techMARK 100 index: .FTT1X FTSE futures: 0#FFI: Gilt futures: 0#FLG: Smallcap index: .FTSC FTSE 250 index: .FTMC FTSE 350 index: .FTLC Market digest: .AD.L Top 10 by vol: .AV.L Top price gainers: .NG.L Top % gainers: .PG.L Top price losers: .NL.L Top % losers: .PL.L * For related news, click on - * UK hot stocks: HOT and GB Wall Street: .N Gilts report: GB/ Euro bond report GVD/EUR Pan European stock report: .EU Tokyo stocks: .T HK stocks: .HK Sterling report: GBP/ Dollar report: USD/ * For company prices, click on - * Company directory: UKEQ By sector: FTAX * For pan-European market data, click on - * European Equities speed guide................ EUR/EQUITY FTSE Eurotop 300 index........................... .FTEU3 DJ STOXX index................................... .STOXX Top 10 STOXX sectors........................ .PGL.STOXXS Top 10 EUROSTOXX sectors................... .PGL.STOXXES Top 10 Eurotop 300 sectors.................. .PGL.FTEU3S Top 25 European pct gainers.................... .PG.PEUR Top 25 European pct losers..................... .PL.PEUR