Mumbai: The SENSEX flared up by 3.55 per cent to post its fourth straight weekly advance on the back of sustained stocks rally under the lead of two top heavyweights Reliance Industries Ltd (RIL) and Infosys Tech on the Bombay Stock Exchange (BSE) during the week.

The BSE Benchmark concluded the week at 12-week high at 3141.61 as against last weekend's close of 3033.91 and has risen by 266.80 points or 9.29 per cent in the four-week gaining string.

It is the SENSEX's second-largest winning streak in the current year after the BSE barometer witnessed a five-week long rally between January 28 and March 1, 2002, during which it gained by 346.55 points or 10.40 per cent.

The major factor behind sustained price rally was that of the announcement by Moody's Investors Service, the global rating agency about a possible upgrading of India's credit rating, while one of the top heavyweights Hindustan Lever Ltd (HLL) scored impressive gains on reports about a marginal rise in its weightage in the MSCI index.

Investors confidence is on the rise with bull operators seeming to have tightened their grip on the market at a time when Foreign Institutional Investors (FIIs) also stepping up their activity on bourses.

Domestic funds including private mutual funds were believed to be heavy buyers in several counters indicating a short-term upward march in equities.

Though PSU (Public Sector Undertaking) stocks like MTNL and BHEL fared well, HPCL, ONGC and BPCL suffered a setback due to concerns over the government's disinvestment programme.

PTI