Gains in banking and auto sectors bolstered Indian markets on Tuesday, as a smaller-than-expected increase in June retail inflation helped soothe concerns about a stimulus rollback amid a surge in global stocks.

The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex were up 0.48 percent at 15,767.40 and 52,624.65 points, respectively, as of 0505 GMT.

“Previously, there was concern in the market that a bigger rise in inflation would lead to a reduction in stimulus,” said Saurabh Jain, assistant vice president of research at SMC Global Securities Ltd in Delhi.

“The global market rally is also offering clarification, as the Delta variation is not causing significant harm to markets.”

The Nifty Realty index increased by 0.78 percent, while the Nifty Infra index increased by 0.49 percent. Both indices were projected to rise for the third day in a row, having gained more than 25.4 percent and 20.2 percent, respectively, this year.

“The domestic market upswing is shifting towards real estate, infrastructure, and capital goods, which have been in the doldrums for many years,” Jain said.

Shares of ICICI Bank surged 1.8 percent, while HDFC Ltd rose 1.5 percent. The lenders were among the top contributors to the Nifty Bank index, which rose 0.61 percent.

The Nifty Auto index was up 0.56 percent, boosted by 0.8 percent advances in Jaguar Land Rover parent Tata Motors.

Sunteck Realty shares rose 6.4 percent in Mumbai trading after the company announced an increase in first-quarter pre-sales bookings.

Retail inflation in India rose less than predicted in June, reinforcing the belief that the central bank could maintain policy rates at current levels to support an economy heavily hit by COVID-19. Economists said the June inflation figure was above the central bank’s 2 percent -6 percent goal range, but price pressures appeared to be diminishing. (Reporting by Shivani Singh in Bengaluru; editing by Vinay Dwivedi)