Mumbai, Aug 17 (IANS): The Indian stock market continued its record run on Tuesday morning before it shed its initial gains to turn flat.

The BSE Sensex has touched a new all-time high of 55,688.50 points and the Nifty50 has hits new high of 16,591.40 points.

Healthy buying was witnessed in IT stocks, however, auto and banking stocks fell.

Around 10.25 a.m., Sensex was trading at 55,600.58, higher by 18 points or 0.03 per cent from its previous close of 55,582.58.

It had opened at 55,565.64 and a low of 55,415.63 points.

The Nifty50 on the National Stock Exchange was trading at 16,562.55, higher by just 0.50 points from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty has opened flat and is perhaps taking a breather due to the jubilant performance of last week. 16,575-16,600 could pose a short-term resistance for the index. The overall trend remains positive, and any fall or intra-day correction can be utilised to buy this market."

The top gainers on the Sensex were Tech Mahindra, Asian Paints and Hindustan Unilever, while the major losers were IndusInd Bank, HDFC Bank and Mahindra & Mahindra.