The benchmark S&P/ASX 200 Index rose 32.1 points - or 0.6 per cent - on Wednesday to 5420.3, while the broader All Ordinaries Index also added 0.6 per cent to 5412.6.

The market took a positive cue from Wall Street. ''Equity markets in the US managed to end in positive territory on Wednesday morning, despite poor economic data and ongoing tensions in Ukraine,'' NAB senior economist Spiros Papadopoulos said.

Gains in big Asian markets provided further support in the afternoon, with Japan's Nikkei tracking 3 per cent higher at the Australian close.

China's gross domestic product expanded at 7.4 per cent over the year to March, the slowest rate of growth since September 2012, and below the 7.7 per cent annual growth posted the previous quarter and the government's official annual target of ''about'' 7.5 per cent growth. But the official figures narrowly beat consensus forecasts of 7.3 per cent.

BHP Billiton pushed ahead 0.4 per cent to $37.94 after posting record iron-ore production from its flagship Pilbara operations in the nine months to March and raising its full-year guidance.

Rio Tinto, which reported first-quarter production figures from its Pilbara operations on Tuesday that missed analyst expectations, edged up 2¢ to $63.37 as the spot price for iron ore, landed in China, edged 0.1 per cent higher at $US117.10 a tonne. Iron-ore miner Fortescue Metals Group lifted 1.1 per cent to $5.39, despite disappointing analysts by missing its March-quarter production target. The miner maintained its full-year production guidance.

Australia's biggest oil producer, Woodside Petroleum, gained 1.1 per cent to $39.59 as Brent crude oil rose to $US109.28 a barrel.

The big four banks were all higher. Commonwealth Bank rose 0.3 per cent to $77.15, while Westpac added 0.6 per cent to $34.59. ANZ gained 0.4 per cent to $33.65, and NAB lifted 0.3 per cent to $35.18.

Woolworths lifted 1 per cent to $36.34, while Wesfarmers, owner of Coles, rose 0.7 per cent to $42.73. Telstra hit $5.10 a six-week high.