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: Quote, Profile, Research) 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------------------