Mumbai: Hectic buying by foreign funds and retail investors in heavy-weighted counters drove the benchmark by a whopping 97.84 points to close at an over 3-year peak of 4552.92 at the Bombay Stock Exchange (BSE) on October 3 with sentiments remaining upbeat for further gains in the near term.

The biggest rise was seen in Shipping Corporation of India (SCI), which rallied by 27.08 per cent on frantic buying activity after the company announced a whopping Rs 17 per share or 170 per cent special interim dividend for the year 2003-04.

The BSE Benchmark 30-share Index opened better at 4465.44 as against the previous close of 4455.08 and after rallying to a high of 4556.89, closed at 4552.92, showing a whopping 97.84 point rise over the last Wednesday's close.

The steep rise in SCI also generated heavy buying in several other shares, brokers said.

SCI opened the day marginally higher at Rs 116.60 and as soon as the news of the declaration of encouraging dividend, prices sky-rocketed up to close at an intra-day high of Rs 141.00, showing a steep rally of Rs 30.05 over the previous close of Rs 110.95.

Some of the index-based heavy-weighted shares such as Dr Reddy, Tisco, Reliance, BSES, Hero Honda, Hindalco, Larsen & Toubro, MTNL, Ranbaxy, Nestle, State Bank of India, Cipla, GACL, Grasim, ACC, Telco, ICICI Bank and Satyam Comp showed remarkable gains which contributed the steep rise in the index.

PTI