Healthy GST collections along with strong manufacturing growth data kept India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- buoyant during Wednesday's trade.
Initially, the market opened on a positive note and remained in the green throughout the session. Also, positive global cues lent some support to the domestic indices, analysts said.
On the domestic market front, sectors such as metals and auto were in focus.
Notably, India's GST collections rose on both sequential and year-on-year basis to Rs 1,31,526 crore in November.
Also Read | November GST collection rises to over Rs 1.31 lakh Cr
The headline seasonally-adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 57.6 (index reading) in November as against a reading of 55.9 in October.
Consequently, the barometer 30-scrip Sensex closed at 57,684 points, up by 619 points or 1.09 per cent from its previous close.
Similarly, the broader 50-scrip Nifty closed the day at 17,166 points, up by 183 points or 1.08 per cent from its previous close.
In terms of stocks, shares of IndusInd Bank, JSW Steel, Tata Motors, Axis Bank and Adani Ports were the top gainers during the session, NSE data showed.
As per NSE, stocks of these companies closed 5.8 cent, 4.9 per cent, 4.2 per cent, 3.7 per cent and 3.6 per cent up from the previous close, respectively.
On the contrary, stocks such as Cipla, Divi Laboratories, Ultra Cement, Dr. Reddy and Bharti Airtel were the top losers during the session, data showed.
"At present, the index has support at 16,800 levels while resistance comes at 17,350 levels, crossing above the same can show fresh buying interest, and the index can test 17,500-17,800 levels," said Palak Kothari, Research Associate at Choice Broking.
According to Deepak Jasani, Head of Retail Research at HDFC Securities: "Asian markets mostly rose on Wednesday as traders assess the outlook for global economy after top drugs makers offered differing opinions on their vaccines' efficacy against Omicron, and the Federal Reserve took a hawkish pivot on monetary policy.
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"Global stock markets roared higher on Wednesday, reversing much of the previous session's losses, as investors used the dip in prices to bet that the latest Covid-19 variant would not derail the economic recovery."
