Indian shares seen up; Reliance Inds watched

MUMBAI, Nov 4 (Reuters) - Indian shares should open higher
on Wednesday after the finance minister said the fiscal
stimulus will be maintained, but gains will be limited after
the market fell to its lowest close in two months in the
previous session.

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

"To an extent, the finance minister's comments will help us
and we may open in the positive. But the question is if we can
really hold on to that," said Ambareesh Baliga, vice-president
at Karvy Stock Broking.

"The market has clearly broken all crucial support levels.
Panic has already struck," he said.

Energy giant Reliance Industries (RELI.BO) will be watched
as the hearing of its gas-pricing dispute with Reliance Natural
Resources (RENR.BO) resumes in the Supreme Court.

Asian shares were mixed with the MSCI's measure of Asian
markets other than Japan .MSCIAPJ trading 0.95 percent higher
by 0320 GMT, while Japan's Nikkei .N225 was down 0.1 percent.

The Nifty India stock futures in Singapore SINc1 were
trading 1.6 percent higher, indicating the domestic market may
open up.

On Tuesday, the 30-share BSE index .BSESN fell 3.1
percent to 15,404.94, taking losses over six sessions to 8.4
percent.
----------------MARKET SNAPSHOT AT 0318 GMT----------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1045.41 0.24% 2.530
USD/JPY JPY= 90.21 -0.1% -0.090
10-YR US TSY YLD US10YT=RR 3.4689 -- 0.000
SPOT GOLD XAU= $1081.4 -0.29% -3.100
US CRUDE CLc1 $79.45 -0.19% -0.150
DOW JONES .DJI 9771.91 -0.18% -17.53
ASIA ADRS .BKAS 120.04 -0.06% -0.07
-------------------------------------------------------------