Indian shares set to get boost from Asian rally

BANGALORE Nov 10 (Reuters) - Indian shares should rise on Monday, lifted by gains in international markets after moves by China and G20 nations to fight the global economic slowdown boosted sentiment.

Shares in Tata Motors (TAMO.BO) will be watched after India's largest vehicle maker said it was closing two of its commercial vehicle plants for six days this month to avoid inventory build-ups as demand falls away. [ID:nBOM366731]

Asian stocks and commodity prices climbed on Monday after China unveiled a nearly $600 billion economic stimulus plan, one of many measures countries are undertaking to limit the economic fallout from the financial crisis. [ID:nSP420164]

"The plans to ease the global financial crisis by China and other countries will provide temporary relief to the markets," said R.K. Gupta, managing director at Taurus Mutual Fund.

"Overall, I think the Indian market is in a consolidation phase and it will not see sharp upside or downside from these levels in the short term."

The Nifty futures index SINc1 traded in Singapore was up 1.1 percent, indicating a higher opening for the local market.

On Friday, India's main 30-share BSE index .BSESN rose 2.36 percent to 9,964.29. The index is still down 51 percent in 2008.

Foreign funds have sold a net $12.7 billion of Indian stocks so far in 2008, after investing a record $17.4 billion last year.

At 0342 GMT, Japan's Nikkei share average .N225 was up 4.4 percent, Hong Kong .HSI had risen 1.9 percent and the MSCI index of Asia-Pacific stocks excluding Japan .MIAPJ0000PUS had risen 1.5 percent. ---------------------MARKET SNAPSHOT@0345GMT------------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 930.99 2.89% 26.110 USD/JPY JPY= 98.88 -0.32% -0.320 10-YR US TSY YLD US10YT=RR 3.8293 -- 0.033 SPOT GOLD XAU= $746.6 1.61% 11.800 US CRUDE CLc1 $63.79 4.51% 2.750 DOW JONES .DJI 8943.81 2.85% 248.02 ASIA ADRS .BKAS 94.78 6.81% 6.04 --------------------------------------------------------------

STOCKS TO WATCH

* Oil & Natural Gas Corp (ONGC.BO) after it said it is not facing any cash flow problems and is looking for acquisition opportunities. [ID:nSP425878]

* Glenmark Pharmaceuticals Ltd (GLEN.BO) after the firm said it would postpone U.S. acquisition plans. [ID:nBOM2950858]

* Aurobindo Pharma Ltd (ARBN.BO) after it said it had final approval from the U.S. Food and Drug Administration to make and market a generic anti-depressive drug.

FACTORS TO WATCH * Indian rupee report [INR/] * Indian bond report [IN/] * FOREX-Yen retreats on rally in Asian shares [FRX/] * Oil up over 4 pct, tops $64 on China stimulus, G20 [O/R] * GLOBAL MARKETS-Stocks eye retail data, Treasury pick

[MKTS/GLOB] * US STOCKS-Wall St jumps on bargain hunting in volatile week

[.N] * For closing rates of Indian ADRs INADR (Reporting by Sumeet Chatterjee and Sowmya Kamath; Editing by John Mair)