Metal stocks lifted India's benchmark Nifty 50 index to hit a fresh record high on Wednesday amid a broader rally in global markets.

The blue-chip NSE Nifty 50 was up 0.4% at 21,520, while the S&P BSE Sensex gained 0.3% to 71,568 as of 1:36 p.m. IST. The index earlier rose as much as 0.76%.

The more domestically-focussed mid-caps rose 0.83%, while small-caps gained 0.74%.

Aluminium producer, Hindalco and cement maker, Ultratech Cement were top percentage gainers on the Nifty 50 index, gaining 3.6% and 3.9% respectively.

"Strong data from China, along with strong domestic macroeconomic data is helping gains in metal stocks," said Anita Gandhi, founder and head at Arihant Capital Markets.

Prices of most base metals rose on Wednesday after data showed manufacturing activity in top consumer China improved last month, while a weak U.S. dollar also lent support to the market.

The metals index rose 1%, rising for a fourth straight session and hitting a fresh all-time high.

On Tuesday, India's central bank said the country's current account deficit narrowed in July-September quarter, as merchandise trade deficit was lower and services exports grew.

"The narrowing of current account deficit bodes well for the economy, suggesting that economic growth is on the right track." Gandhi added.

Capital account flows have picked up pace and, with risk-on likely to continue, we expect the current momentum to hold up, said analysts at Kotak Securites.

Meanwhile, shares of Happy Forgings rose 22% in trading debut.

($1 = 83.2350 Indian rupees) (Reporting by Manvi Pant in Bengaluru; Editing by Nivedita Bhattacharjee)