BENGALURU, Jan 15 (Reuters) - Indian shares are set to open higher on Monday, with information technology stocks in focus after better-than-expected results from HCLTech and Wipro.

India's GIFT Nifty was trading at 22,046 as of 7:57 a.m. IST, suggesting the NSE Nifty 50 will open above its Friday close of 21,894.55.

The benchmarks Nifty 50 and Sensex hit all-time highs on Friday, boosted by IT stocks after market leaders Tata Consultancy Services and Infosys posted quarterly earnings that alleviated concerns about weak demand.

HCLTech and Wipro also reported better-than-expected results after market hours on Friday.

"The earnings season will be the biggest factor driving market movement in the next few weeks," said Arvinder Singh Nanda, senior vice president of Master Capital Services.

Nifty 50 companies are expected to post good quarterly results while domestic macro-economic fundamentals remain stable, Nanda added.

India's retail inflation rose at the fastest pace in four months in December, data showed on Friday, raising expectations that the Reserve Bank of India will stay on an extended rate pause.

Asian markets were subdued after China's central bank surprised markets with a rate pause ahead of key economic data and earnings.

Foreign institutional investors (FIIs) sold Indian shares worth a net 3.40 billion rupees ($41.05 million) on Friday, while domestic institutional investors bought shares worth 29.11 billion rupees.

STOCKS TO WATCH:

** Tata Consumer Products: Company announced that it will buy Capital Foods for $616 million.

** Adani Enterprises: Company received letter of award from Solar Energy Corporation of India to set up an electrolyser manufacturing capacity of 198.5 Mega Watt per annum.

** Life Insurance Corporation of India: Company got order from Income Tax Department for demand of 13.71 billion rupees.

** Major earnings: Jio Financial Services, Angel One. ($1 = 82.8330 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu)