The BSE benchmark Sensex today shot up 354 points to cross the 17k mark

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as funds bought stocks of software exporting companies amid the weakening rupee that would boost their earnings and a firm global trend.

The second heaviest on the Sensex, Infosys, rose by 3.22 per cent and Tata Consultancy Services gained 3.94 per cent. Among the sectoral indices, IT index was the star performer and gained 3.23 per cent to 5,216.16.

The market leader and most weighted on the barometer, Reliance Industries shot up 3.73 per cent.

After a strong start, the 30-share BSE index surged further by 353.93 points to 17,099.28 as fag-end buying drove the barometer to regain the psychological 17,000 level.

The rupee fell by 42 paise to a fresh two-year low of Rs 48.23 against the US dollar, raising hope the software exporting companies led by TCS and Infosys would be benefit the most.

The rally was supported by a firm global trend as investors awaited the start of 2-day US Fed monetary policy meeting and Greek debt management attempt to raise funds to bring cash into the country.

Similarly, the broad-based National Stock Exchange index Nifty rose 108.25 points to 5,140.20 as all the sectoral indices ended in the positive zone.

Besides IT stock, teck, consumer durables, banking, metal, realty and oil & gas sectors recorded handsome gains. In the 30 Sensex stocks, barring BHEL and ONGC, all closed in the green.

Markets @ 10.15 AM (PTI)

The BSE benchmark Sensex rose by 208 points in early trade today, following a rise in IT, consumer durables, metal and FMCG counters.

The BSE benchmark Sensex resumed higher at 16,768.63 and hovered in a range between 16,959.31 and 16,758.69 before quoting at 16,953.51 at 1015 hours, showing a net gain of 208.16 points, or 1.24 per cent, from its last close.

The NSE's 50-share Nifty also moved up by 52.85 points, or 1.05 per cent, to 5,084.80 at 1015 hours.

IT stocks rose on a weak rupee. The Indian rupee fell to its weakest level in two years in early trade as worries over Europe's debt crisis deepened after Standard & Poor's cut Italy's rating.

The major gainers in early trade were TCS (up 2.62 per cent), Infosys (2.60 per cent), Jindal Steel (2.39 per cent), Tata Motors (2.14 per cent), Wipro (2.08 per cent) and Hindalco Industries (2.01 per cent).

Meanwhile, Asian stocks reversed their initial losses in early trade.

The key benchmark indices in China, Hong Kong, Singapore and South Korea rose by between 0.1 per cent and 0.41 per cent, while the indices in Indonesia, Japan and Taiwan fell by between 0.38 per cent and 1.37 per cent.

Markets @ 09.00 AM (PTI)

Ignoring a weak trend on Asian bourses, the Bombay Stock Exchange benchmark Sensex rose by almost 118 points in opening trade today on selective buying by funds and retail investors.

The 30-share BSE index, which lost 188.48 points in yesterday's session, recovered by 117.90 points, or 0.70 per cent, to 16,863.25 in the first five minutes of trade today.

Likewise, the wide-based National Stock Exchange Nifty Index was also up by 20.10 points, or 0.40 per cent, at 5,052.05.

All the sectoral indices, led by IT and consumer durables, were trading in the positive zone, with gains of up to 1.25 per cent.

According to brokers apart from fresh buying by funds and retail investors, covering up of short positions by speculators helped the Sensex to trade in positive terrain, but a weak trend on the other Asian bourses amid worries over the European debt crisis after a major ratings agency downgraded Italy's sovereign debt rating capped the gains.

In the Asian region, Hong Kong's Hang Seng Index was down by 0.10 per cent, while Japan's Nikkei Index shed 1.41 per cent in morning trade today. The US Dow Jones Industrial Average closed 0.94 per cent lower yesterday.