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A broker monitors a screen displaying live stock quotes on the floor of a trading firm in Mumbai. Reuters

Indian stocks advanced on Friday, tracking gains in Asian equities after Wall Street rose on economic data pointing to steady economic growth in the United States.

Other Southeast Asian markets were subdued in thin trade ahead of a long holiday weekend.

The U.S economy grew at its fastest pace in more than two years in the third quarter concluding a fairly positive week for the United States, although growth came in slightly lower than forecasts.

The dollar gave up some early gains on the GDP report. The yen fluctuated as the Bank of Japan held rates and Governor Haruhiko Kuroda said there's no need to reconsider the current policy framework.

The S&P BSE Sensex added 0.55 percent at 33,940 while the broader NSE Nifty gained 0.50 percent to 10,493.

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Among the top Sensex gainers, Bajaj Auto rose 1.6 percent, ONGC gained 2.9 percent, State Bank of India advanced 0.9 percent while Infosys was up 1.6 percent.

Public sector banks' stocks traded higher. The Nifty PSU Bank rose 0.8 percent led by Allahabad Bank 4 percent, SBI 1 percent while Andhra Bank 1.3 percent.

Steel Strips Wheels rose 3 percent after it won an export order of steel wheels for Egyptian passenger car market.

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Dilip Buildcon jumped 7.6 percent after the company said it got 2 EPS projects worth Rs 518 crore.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.