Mumbai: The benchmark flared up by 1.82 per cent to end at a 32-week peak of 3,398.00 on the Bombay Stock Exchange (BSE) on the last week of the current calendar year following good buying support from operators as well as foreign funds, with oil major Hindustan Petroleum Corporation Limited (HPCL) leading the pack.

Dealers said the bull charge continued after taking a brief respite in the previous week, with shares prices finishing with sharp to moderate gains, a pointer to a further rally in 2003.

The SENSEX was up by nearly 136 points from last year's finish, the first time it has shown gains in the past two years of distinctly depressed sentiments, injecting the much needed confidence to the investing fraternity, they added.

Led by oil major HPCL, some old-economy blue-chips, particularly public sector undertakings (PSUs) scrips, notched smart gains on hopes of positive outcome from the meeting of Cabinet Committee on Disinvestment (CCD) on December 27, which was later deferred.

PSUs from Gujarat state, like GNFC, GSFC, Guj Mineral Developments were the star performers after the Bharatiya Janata Party (BJP) secured a thumping majority in the Gujarat Assembly elections.

Petrochem giant, Reliance Industries Limited (RIL) hogged the limelight ahead of the launch of limited mobility (WLL) services on December 27, but late profit taking trimmed part of early gains.

Front-line information technology (IT) counters like Infosys Tech, Satyam Computer and Wipro were also in keen demand following good purchases from foreign funds while second-line software shares ruled mixed on alternate bouts of buying and selling.

Steel companies like Tisco, Jindal Steel and SAIL attracted good buying on expectation of another price hike.

Cement and auto counters also exhibited a positive trend on the back of good investment buying by operators.

Despite fears of war between US and Iraq and continuous surge in international oil prices, share prices registered good gains indicating firm undertone, a broker said.

The BSE-30 share sensitive index opened slightly better at 3,346.56 and declined to a low of 3,318.02, only to bounce back to cross the 3,400-level and touched a high of 3,413.83 before concluding the week at 3,398.00 from last weekend's close of 3337.22, a sharp rise of 60.78 points.

PTI