India's annual consumer inflation remained painfully above the 7% mark, beyond the central bank's tolerance band for a sixth month in a row, official data showed on Tuesday, raising prospects of more rate hikes by central bank next month.

The NSE Nifty 50 index was up 0.5% at 16,133, as of 0347 GMT, while the S&P BSE Sensex rose 0.53% to 54,154.32.

The Nifty fast moving consumer index rose 0.8%, while the public sector bank index gained 1.1%.

Global benchmark Brent crude tumbled $7 on Tuesday to settle below $100 a barrel for the first time in three months. [O/R]

India, world's third largest importer of oil benefits from fall in crude prices as it brings down imported inflation in the country.

Now market focus is on U.S. consumer price index due later in the day, to gauge the path of interest rate hikes from the Federal Reserve.

Shares of HCL Technologies fell 2.3% after the IT services provider missed quarterly profit estimates.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Amy Caren Daniel)