Mumbai: The BSE benchmark Sensex on Tuesday shot up 354 points to cross the 17k mark 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 percent and Tata Consultancy Services gained 3.94 percent. Among the sectoral indices, IT index was the star performer and gained 3.23 percent to 5,216.16.

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

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.