New Delhi - India's benchmark Sensex index Wednesday closed over the 17,000-point level for the first time in 16 months amid signs of economic improvement and strong corporate results.

The 30-share Sensex of the Bombay Stock Exchange gained 1.63 per cent to close at 17,126.84.

Market analysts said gains came across all sectors, led by metals and oil and gas stocks.

The index has surged 120 per cent from October 2008 and 108 per cent since March 2009. But more than 60 per cent of the gains since March has come from just eight stocks, half of them in the banking sector. (dpa)