Indian shares up on global rally; Reliance leads

* FinMin comments, Asia markets help after recent fall

* Reliance Industries gains after falling 5.7 pct on Tues

* Reliance Communications falls as it offers per-second
plan

(Updates to morning)

MUMBAI, Nov 4 (Reuters) - Indian shares rose more than 2
percent on Wednesday, led by Reliance Industries (RELI.BO: Quote, Profile, Research) and
Infosys Technologies (INFY.BO: Quote, Profile, Research), pulling back some of the steep
losses marked in the previous week.

Sentiment was helped by comments from the finance minister
who said fiscal stimulus will be maintained and as world
markets edged higher.

By 11:11 a.m. (0541 GMT), the 30-share BSE Index .BSESN
was trading up 2.14 percent at 15,735.14 points, with 27 of its
components gaining. It fell 8.4 percent over the past six
previous sessions.

"It is a technical bounce back after the recent fall. 4,700
(Nifty) level is an important resistance level," D. D. Sharma,
senior vice president of Anand Rathi Securities.

"Finance Minister's comments fiscal stimulus will be
maintained and positive sentiment in Asian markets also helped
pull our market up," added Sharma.

The benchmark is still up more than 63 percent so far in
2009, with foreign funds infusing more than $14 billion in
Indian equities.

Finance Minister Pranab Mukherjee said late on Tuesday the
government will maintain its fiscal stimulus due to uncertainty
arising from a poor monsoon and the global outlook, as data
showed the summer crop could post a bigger-than-expected fall.
[ID:nL3634290]

Energy giant Reliance Industries (RELI.BO: Quote, Profile, Research) rose 3.6 percent
to 1,885.80 rupees, after it shed 5.7 percent on Tuesday.

Second-largest software services exporter Infosys
Technologies (INFY.BO: Quote, Profile, Research) climbed 4 percent to 2,225 rupees.

Engineering and construction firm Jaiprakash Associates
(JAIA.BO: Quote, Profile, Research) rose 5.9 percent to 205.85 rupees after it said
cement shipments in October rose 41.3 percent from a year
earlier to 0.816 million tonnes. [ID:nBOM534597]

Around 115 million shares changed hands on the Bombay Stock
Exchange, with gainers outpacing losers the ratio of 1.4:1.
The 50-share NSE index .NSEI was up 1.9 percent at 4,652.40.

STOCKS ON THE MOVE

* Outsourcer Mahindra Satyam (SATY.BO: Quote, Profile, Research) was up 3.8 percent
at 102.75 rupees, after it said it will work with Swedish
defence and aerospace firm Saab (SAABb.ST: Quote, Profile, Research) to develop
applications and technology solutions in India for the defence
and security market. [IDnBOM442637]

* Cement maker Shree Cement (SHCM.BO: Quote, Profile, Research) was up 1.7 percent at
1,568.50 rupees after it said on Tuesday its October shipments
rose 12.30 percent to 701,630 metric tonnes [ID:nBOM249386]

MAIN TOP 3 BY VOLUME

* Suzlon Energy (SUZL.BO: Quote, Profile, Research) on 12.3 million shares

* Reliance Natural Resources (RENR.BO: Quote, Profile, Research) on 5.1 million
shares

* Unitech (UNTE.BO: Quote, Profile, Research) on 4.5 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
[INR/]
* India bond report
[IN/]
* Dollar holds near 1-month high, Aussie trips on data
[FRX/]
* Oil dips towards $79 after U.S. fuel stock rise
[O/R]
* Dlr edges down, Asia stocks up before Fed
[MKTS/GLOB]
* S&P 500, Nasdaq end higher on deal news
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; Editing by Kazunori Takada)