The Intel (R) HD Graphics 530 is limiting the refresh rate on external monitor

I recently bought an ACER VG272U P and it is capable of 144Hz. 

I have a Dell Inspiron 7559. I read up that the HDMI port on the laptop is 1.4a so it should at least support 1080p 120Hz but it seems that I can't even reach that. 

As a work around, I have tried creating a custom resolution in the Graphics command center but I was only able to reach 1920x1080 95 Hz. Any higher would show a prompt "mode not supported". A problem does happen when I do this. The signal becomes unstable and the monitor starts to turn off and on rapidly. 

My monitor has a DP port available, would buying an adapter make a difference? What could I do to solve this solution? I have already tried updating the graphic drivers or going into the advance settings.

Please help.