One shell nearly hit a school bus carrying children in northern Gaza, the military added.
Most of the other 500 have been launched from elsewhere in northern Gaza.
According to reports from the area, the interception could be seen in Israeli towns near northern Gaza.
Hamas fired two rockets from northern Gaza early today.
Israeli troops mostly held their ground, securing positions in northern Gaza taken on Thursday.
The Israeli military says it has carried out a ground and air attack near the border fence in northern Gaza.
Israeli artillery fire, directed at open areas in northern Gaza, maintained a steady thunder.
The army said it was maintaining positions elsewhere in northern Gaza.
A tank shell fired in northern Gaza killed 12 people, apparently including civilians.
The troops were part of a paratrooper unit that was operating in northern Gaza.