BSE Sensex seen up; Reliance, Bharti watched

MUMBAI (Reuters) - The BSE Sensex should open higher on Monday, tracking gains in its Asian peers, while energy giant Reliance Industries will be in focus after a report it was close to announcing a major overseas buy.

The Economic Times newspaper reported Reliance Industries may announce the acquisition before its annual general meeting on Nov. 17, and the likely target was part of the assets owned by U.S.-based LyondellBasell, which filed for bankruptcy protection in January.

Bharti Airtel would be watched after its head said the leading telecoms company was not actively seeking acquisitions, after its $23 billion planned tie-up talks with South Africa's MTN collapsed.

Prime Minister Manmohan Singh said on Sunday India's economy would grow by more than 7.0 percent next year, still below the

government's medium-term rate target of 8-9 percent.

Finance Minister Pranab Mukherjee said on Sunday there would be no more stimulus measures, but the timing for unwinding those put in place would be decided once it was clear the economy was

recovering.

Asian shares were mostly higher with the MSCI's measure of Asian markets other than Japan up 1.3 percent by 0317 GMT, while Japan's Nikkei was up 0.1 percent.

The Nifty India stock futures in Singapore were trading 0.2 percent higher indicating the domestic market may open up.