The Indian stock market scaled new highs on Tuesday with the BSE Sensex hitting the 57,000 mark for the first time in its history.

Sensex has touched a record high of 57,124.78 and the Nifty50 on the National Stock Exchange has hit its new all-time high of 16,995.55 points.

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The indices, have however, trimmed their initial gains.

Heavy buying was witnessed in telecom stocks, while auto and banking stocks were under selling pressure.

Around 10.00 a.m., Sensex was trading at 56,937.21, higher by 47.45 points or 0.08 per cent from its previous close of 56,889.76 points.

It opened at 56,995.15 and has touched an intra-day low of 56,859.10 points.

Nifty50, on the other hand, was trading at 16,943.85, higher by 12.80 points or 0.08 per cent from its previous close.

The top gainers on the Sensex were Bharti Airtel, Bajaj Finance and Asian Paints, while the major losers were IndusInd Bank, Mahindra & Mahindra and Reliance Industries.

Key macroeconomic data including the GDP growth rate for Q1 FY22 scheduled to be released later in the day would be the key factors for the domestic market going ahead, analysts said.