Nifty set to open higher: Sensex and Nifty are expected to open higher on Monday, with a spotlight on information technology stocks following impressive results from HCL Technologies and Wipro. As of 7:57 am, the GIFT Nifty futures were trading at 22,046, indicating that the NSE Nifty 50 will open above 22,000 mark for the first time.

The Nifty 50 and Sensex hit record highs on Friday, primarily fuelled by strong performances in the IT sector. Tata Consultancy Services and Infosys reported quarterly earnings that alleviated concerns about weak demand, setting a positive tone for the market. The momentum continues with HCL Technologies and Wipro also exceeding expectations in their results announced after market hours on Friday.

"The earnings season will be the biggest factor driving market movement in the next few weeks," emphasized Arvinder Singh Nanda, Senior Vice President of Master Capital Services. He expects Nifty 50 companies to deliver robust quarterly results amid stable domestic macro-economic fundamentals.

Despite a rise in retail inflation in December, the Reserve Bank of India is anticipated to maintain an extended rate pause. Meanwhile, Asian markets exhibit subdued sentiments following China's central bank surprising the market with a rate pause ahead of key economic data and earnings releases.

In Friday's trading, foreign institutional investors (FIIs) were net sellers of Indian shares, amounting to Rs 340 crore, while domestic institutional investors bought shares worth Rs 2,911 crore.

Stocks to watch

Tata Consumer Products: The company acquired Capital Foods for total consideration of Rs 5,100 crore.

Adani Enterprises: The company received a letter of award to establish a 198.5 Mega Watt per annum electrolyser manufacturing capacity from Solar Energy Corporation of India

Life Insurance Corporation of India: The company secured an order from the Income Tax Department for a demand of Rs 1,371 crore.

Jio Financial Services and Angel One will report their December quarter earnings later in the day.