* Top stock exchanges set for gains between now and end-2011
* Strong rises seen in most emerging and developed indexes
* Forecasts slightly more muted compared with December poll
* Russia to lead gains, Indian stocks seen biggest laggard
By Andy Bruce
LONDON, March 24 (Reuters) - The world's major stock indexes look set for hearty gains between now and the end of 2011, a Reuters poll showed, overcoming volatility from high oil prices, Middle East conflicts and the earthquake in Japan.
Despite a mixed performance for global stock markets so far this year, the quarterly poll of almost 400 market analysts and economists showed all 18 indexes covered in the survey finishing 2011 in positive territory compared with current levels.
Several bourses are likely to see double-digit gains over 2011 as a whole, as analysts saw little chance that soaring energy prices and unrest in the Middle East would derail the global economic recovery.
Still, the predictions were muted in comparison with the last poll published in December, especially for emerging markets. Reuters did not poll analysts on forecasts for the prospects for the Nikkei because of the earthquake, tsunami and ensuing nuclear crisis that befell Japan two weeks ago.
From the survey taken over the last 10 days, strategists saw indexes elsewhere recovering strongly after many dipped in response to the disaster.
"Global indices are still going to be in for a torrid time as we go into the summer and there could be further selling to come, but once we've had the big shake out indices should recover into the year end and post gains for 2011," said London Capital Group's Angus Campbell.
"Western stock markets have on the whole suffered the most and so expectations are for them to recover better than most once the sell off is over."
Perhaps this was best demonstrated by forecasts for Germany's DAX index, which includes heavyweights like Siemens and Volkswagen. Down 1.6 percent so far this year, analysts see it surging more than 13 percent from here to the year-end.
As always, respondents were very bullish on stocks, although several pointed to a bumpy ride ahead.
In fact, some major indexes -- such as the Dow Jones Industrial Average, Britain's FTSE and Canada's TSX -- are expected to fall from current levels by mid-2011, before surging higher in the second half.
RUSSIA LEADS THE WAY (AGAIN)
Like last year, emerging markets are expected to post bigger gains than rich world peers over the course of 2011.
Russia's RTS, which last year saw a stellar gain of 22.5 percent, looks likely to lead the pack again this year with a 21.5 percent rise thanks largely to booming energy prices.
"The Russian economy is coming back -- high oil prices will balance the budget and there is evidence of a reform agenda," said Tom Mundy, head strategist at broker Otkritie.
Although both Brazil's Bovespa and Hong Kong's Hang Seng were slightly in the red as of Thursday compared to their 2010 closing levels, the poll showed both surging by the year end, finishing with respective full-year gains of 10.4 percent and 17.2 percent.
Indian shares, by contrast, have lagged badly this year with losses of more than 10 percent. That makes the BSE Sensex the worst performer out of the survey's 18 indexes so far in 2011 and analysts expect it to recoup its losses, if little else.
"If the optimism regarding the pick-up in developed world economies continues to rise, emerging markets may be a bit neglected by investors," said R. K. Gupta, managing director of Taurus Mutual Fund.
Overall, analysts predicted an average 11.0 percent gain for emerging market bourses in 2011 compared with the 15.8 percent seen in the December poll. Forecasts for developed markets were left almost unchanged, with the latest poll showing gains of 9.7 percent this year compared with 10.1 percent seen in December's poll.
A strengthening U.S. economic recovery should drive the S&P 500 to full-year gains of 11.3 percent, the poll showed, while the Dow Jones is expected to yield about 9.7 percent in 2011.
While that would be an impressive showing from the two biggest exchanges by market capitalisation, the best rich-world stock index performance is expected in Italy, where analysts expect the FT/MIB to rise more than 15 percent over 2011.
"For the main world share indexes, and so also the Italian one, the main market mover for the next months should be the price of raw materials, firstly oil then metal and food products," Fida's Giuseppe Reale said.
(Polling by Bangalore Polling Unit and correspondents in Reuters bureaux in New York, Toronto, Sao Paolo, London, Paris, Frankfurt, Milan, Moscow, Mumbai, Shanghai, Hong Kong, Seoul, Taipei, Sydney, and Johannesburg; Analysis by Sumanta Dey in Bangalore; Editing by Jon Loades-Carter in London)