Mumbai: The BSE benchmark Sensex rose by over 42 points to trade above 17,000-level on sustained buying by funds on hopes that the government will accelerate economic reforms, amid a firming trend in Asian markets. Besides, covering-up of short positions by speculators as on Thursday is the last session of current month's expiry in the derivatives segment also helped Sensex extend gains for third session in a row, traders said. The 30-share barometer, which had gained 85.60 points in the previous two sessions, gained 42.24 points, or 0.24 percent, to 17,010 with power, metals and consumer durables sector stocks leading the rise. The wide-based National Stock Exchange Nifty index moved up by 12.40 points, or 0.24%, to 5,154.30. In Asia, Hong Kong's Hang Seng Index was up 0.10 percent, while Japan's Nikkei Index rose by 1.07% in morning trade. In the U.S., the Dow Jones Industrial Average closed 0.74% higher in Wednesday.