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Mumbai: Eurozone revival and governments tax laws clarifications catapulted Sensex to a two-month high, rising 439 points here on Friday.

A benchmark index for Indian equities markets on Friday rallied to a two-month high, rising 439 points on hopes of a eurozone revival and the government clarification on tax laws. The bourses started off the day in green, Sensex at 17,134.61 and Nifty at 5,189, and witnessed gradual upward trend thereafter.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), closed at 17,429.98 points, up 2.59 percent or just 439.22 points from its previous close of 16,990.76 points. The wider 50-scrip S&P CNX Nifty of the National Stock Exchange closed 2.52 percent higher at 5,278.90 points.

Markets rose after news started came in from Europe regarding an emergency action to bring down Italy's and Spain's spiralling borrowing costs. Reports said European leaders at the EU summit in Brussels decided that they would use their permanent bailout fund to recapitalise the struggling banks.

Also, the General Anti-Avoidance Rules directives the Indian government announced Thursday night added to the bullish market sentiments. During the day, the rupee appreciated by 47 paise to 56.33 against the dollar. The BSE capital goods index was up 352.97 points, the power index was up 68.23 points and the banking index was up 401.21 points.

Major Sensex gainers were Jindal Steel, up 8.74 percent at Rs.469.50; Tata Power, up 5.81 percent at Rs.104.71; ICICI Bank, up 5.03 percent at Rs.899.60; BHEL, up 4.93 percent at Rs.232.10; Sterlite Inds, up 4.91 percent at Rs.102.65.

The only Sensex loser was Coal India, which closed 0.14 percent down at Rs. 347.40.

At the closing bell here, European markets also surged, led by the positivity coming from the EU summit. Germany's DAX and Britain's FTSE 100 were trading 2.11 and 1.27 percent higher respectively, while France's CAC was down 2.41 percent.

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