Mumbai, Aug 30 (IANS): The Indian stock market continued to scale new highs on Monday morning with the BSE Sensex soaring around 500 points and the Nifty50 crossing the 16,800-mark for the first time.

Sensex has touched a new high of 56,630.52, while the Nifty50 on the National Stock Exchange hit a record high of 16,854.70 points.

Around 10.10 a.m., Sensex was trading at 56,614.27, higher by 489.55 points or 0.87 per cent from its previous close of 56,124.72.

It opened at 56,329.25 and has touched an intraday low of 56,309.86 points.

Nifty was trading at 16,849.65, higher by 144.45 points or 0.86 per cent from its previous close.

The market rose tracking global gains post a dovish speech by Federal Reserve Chair Jerome Powell on Friday.

Healthy buying was witnessed in metal, auto and financial stocks.

The top gainers on the Sensex were Tata Steel, Bharti Airtel and Larsen & Toubro, while the only losers were Tech Mahindra and Nestle India.