Sensex above 19,000 on reform hopes

Reuters Market Eye - The Sensex gains 1 percent to above 19,000 points for the first time since July 8, 2011 on hopes for additional fiscal and economic reforms.

The Nifty also advances 1 percent.

The cabinet is set to approve bills that would raise the cap on foreign direct investment in insurance firms and open the pension sector to foreign investors, a government minister told reporters on Wednesday.

Financial companies with insurance units surge: Max India jumps 3.3 percent, hitting earlier its highest since December 2009, while Bajaj Finserve adds 2.5 percent having earlier hit a record high at 953.90 rupees.

Oil marketing companies gain after Brent futures> fall: Hindustan Petroleum Corp rises 2.6 percent.

Blue chip lead gains: ICICI Bank rises 2.6 percent, Reliance Industries gains 1.1 percent.