Mumbai, Aug 30 (IANS): The Indian stock market surged on Monday with both Sensex and Nifty climbing new highs.

The BSE Sensex touched a new high of 56,958.27 points during the day while Nifty50 on the National Stock Exchange inched closer to the landmark 17,000 level. It hit a new all-time high of 16,951.50 points.

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

Surge in the shares of index-heavyweight Reliance Industries also supported the domestic indices. RIL shares on the BSE closed at Rs 2,270.05 per share, higher by Rs 43.30 or 1.94 per cent from its previous close.

The across-the-board rise was led by the banking and metal stocks.

Sensex settled at its record high closing level of 56,889.76, higher by 765.04 points or 1.36 per cent from its previous close of 56,124.72.

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

Nifty closed at 16,931.05, higher by 225.85 points or 1.35 per cent from its previous close.

The top gainers on the Sensex were Bharti Airtel, Axis Bank and Tata Steel, while the only losers were Tech Mahindra, Nestle India, Infosys and TCS.