Mumbai: The BSE benchmark Sensex continued to maintain 19,000-level, which it breached for first time in nearly 15 months, in the late morning trade on October 4 by surging 177 points on fresh buying on hopes of more economic reforms.

Persistent inflows of foreign capital into equity market also boosted the market sentiment.

Foreign institutional investors (FIIs) bought shares worth a net 602.39 crore on October 3, as per provisional figures on the stock exchanges.

Sensex had resumed higher at 18,939.75 and shot up further to cross 19K level -- last seen on July 15, 2011 -- at 19,087.60 before quoting at 19,046.36 at 1030hrs, a net gain of 176.67 points or 0.94 percent.

The NSE 50-share Nifty also firmed up by 57.70 points, or 1.01 percent, to 5,788.95 at 1030hrs.

Major gainers were BHEL (3.65 percent), ICICI Bank (1.83 percent), HDFC Bank (1.83 percent), HDFC (1.80 percent), Tata Motors (1.77 percent) and Bharti Airtel (1.64 percent).

In another round of big-ticket reforms, the Union Cabinet will consider on Thursday raising the FDI cap in insurance sector to 49 percent and opening the pension sector to foreign investment besides creation of a National Investment Board.

Asian stocks swung between gains and losses in the early trade as exporters rose on reports on US jobs and service industries beat economist estimates.