At 13:20 IST, the BSE Sensex was up 361.86 points or 2.13% to 17,352.62. The index jumped 389.71 points at the day's high of 17,380.47 in early afternoon trade, its highest level since 2 May 2012. The index rose 143.85 points at the day's low of 17,134.61 in early trade.

The S&P CNX Nifty was up 105.70 points or 2.05% to 5,254.85. The index hit intraday high of 5,264.20, its highest level since 2 May 2012. The index hit a low of 5,189 in intraday trade.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,688 shares gained and 879 shares declined. A total of 138 shares were unchanged.

All the members from the 30-share Sensex pack logged gains. Jindal Steel & Power, Tata Power Company and ICICI Bank gained by between 3.77% to 4.46%.

Asian shares surged on Friday, 29 June 2012, after a late Thursday night meeting of European leaders came up with a plan for a single financial supervisory mechanism for the European region to help stabilize markets. Key benchmark indices in Singapore, South Korea, Japan, China, Taiwan, Hong Kong and Indonesia were up by 1.35% to 2.31%.