The Bombay Stock Exchange benchmark Sensex on Wednesday surged past the 17,000-points level for the first time in 16 months in early morning trading on the back of sustained buying by foreign funds in heavy-weight stocks in anticipation of strong quarterly earnings.

The Sensex shot up by 175.88 points, or 1.1 per cent to 17,028.79 points at 1100 hrs, a level last seen on May 23, 2008. The barometer ended 159.91 points higher yesterday.