Indian equity benchmark extended gains in afternoon trade on Friday amid reports the government may exempt the foreign portfolio investors from the additional surcharge. The BSE Sensex was trading at 37,722.05, higher by 394.69 points or 1.06 percent. The Nifty50 was at 11,154, higher by 121.55 points or 1.10 percent.

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All sectoral indices on the NSE traded in green, led by the Nifty Financial Services, up 1.83 percent, followed by Nifty Bank and Nifty Realty.

Indiabulls Housing Finance, Vedanta, Eicher Motors, Grasim and UltraTech Cement were the top-gainers while YES Bank, M&M, Coal India, ITC and Bharti Airtel remained the top laggards.

Shares of Page Industries, the Indian franchise and manufacturer of Jockey innerwear, slumped as much as 5.58 percent to a 52-week low of Rs 17,744 on Friday after the company's net profit dropped 11 percent in the June-quarter.

Tata Chemicals shares rose over 6 percent on Friday after the company reported a good set of results in its first quarter this fiscal. Net profit surged 19 percent YoY to Rs 313 crore as compared to Rs 262 crore last year.

Share price of NBCC (India) plunged as much as 13.3 percent to Rs 34.35 on Friday after the state-owned engineering firm reported a 39 percent decline in its June-quarter consolidated net profit, missing estimates.

Meanwhile, Asian shares turned around after advancing in the morning trade on Friday. Chinese data showed that food inflation soared in July. Japan's economy grew more-than-expected in the quarter ending June.

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