Stock market news: Benchmark indices NSE Nifty 50 and S&P BSE Sensex are poised for another day of gains following robust economic indicators and continued domestic investment inflows. The optimism comes on the heels of three consecutive sessions of record highs, with Asian markets exhibiting subdued sentiment ahead of key events including the Federal Reserve Chair's congressional testimony and US jobs data later in the week.

As of 7:56 am, GIFT Nifty was trading at 22,485.50, indicating a positive opening for the Nifty 50 above its previous close of 22,405.60.

The Nifty 50 index and BSE Sensex have both marked new record highs for three consecutive sessions following the release of data showing a robust 8.4 per cent growth in India's economy during October-December, the fastest pace in six quarters. Moody's Investors Services has notably revised its 2024 growth forecast upwards to 6.8 per cent from an earlier projection of 6.1 per cent in light of this growth data.

The bullish trend has been further supported by sustained domestic investment inflows. On Monday, domestic institutional investors net bought shares worth Rs 3,543 crore, while foreign portfolio investors sold off shares worth Rs 564.

Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services, expressed confidence in the market's momentum, stating, "Given the positive domestic sentiments, we expect market momentum to continue over the next few sessions."

However, concerns linger regarding smaller, more domestically-focused segments such as small and mid-cap stocks, which could face pressure due to worries about excessive fund inflows.

In the broader market, Asian markets remained subdued, while Wall Street equities closed lower overnight.

Key stocks to watch include Tata Motors, which announced plans to separate its passenger and commercial vehicle businesses into two separate listed companies, and IIFL Finance, which has been barred by the Reserve Bank of India (RBI) from offering gold loans due to material supervisory concerns in the segment. Additionally, RBI has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank.

(With Reuters inputs.)