BENGALURU (Reuters) - India's Nifty 50 index is set to hit an all-time high on Monday, tracking the gains in their Asian peers and likely getting a boost from ICICI Bank after its strong results.

The GIFT Nifty was at 25,073.5 points as of 8:20 a.m. IST, suggesting that the Nifty 50 will open above its Friday's record high of 24,861.15.

The benchmarks have risen for eight straight weeks in their longest such run since 2010. The Nifty added 1.24% last week, while the S&P BSE Sensex gained 0.9%.

"(The) markets are expected to swiftly adjust to the budgetary measures and shift focus towards corporate earnings growth trajectory," said Saurabh Jain, assistant vice president for research at SMC Global Securities.

On the day, Asian shares surged after Wall Street closed higher on Friday as an in-line key inflation reading kept bets of early rate cuts alive. [MKTS/GLOB]

On the domestic front, ICICI Bank will be in focus after it reported a bigger-than-expected first-quarter profit, helped by robust loan growth and healthy core lending income.

Fellow Nifty 50-member, Dr Reddy's will also be in focus after the drugmaker reported a fall in first-quarter profit over the weekend.

Foreign institutional investors (FII) turned net buyers on Friday, purchasing stocks worth 25.46 billion rupees ($304 million). They remained net sellers for three straight sessions previously, with the outflows since the union budget rising to about $1.3 billion.

STOCKS TO WATCH:

** UltraTech Cement got board approval for a $472 million deal to gain control of India Cements.

** NTPC reported a rise in first-quarter profit on Saturday.

** Earnings in focus: HPCL, Adani Wilmar, Kansai Nerolac

($1 = 83.7180 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)