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

MUMBAI, Nov 4 - Indian shares rose more than 2 percent on Wednesday, led by Reliance Industries <RELI.BO> and Infosys Technologies <INFY.BO>, 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.

"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> 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> climbed 4 percent to 2,225 rupees.

Engineering and construction firm Jaiprakash Associates <JAIA.BO> 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> was up 3.8 percent at 102.75 rupees, after it said it will work with Swedish defence and aerospace firm Saab <SAABb.ST> to develop applications and technology solutions in India for the defence and security market. [IDnBOM442637]

* Cement maker Shree Cement <SHCM.BO> 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> on 12.3 million shares

* Reliance Natural Resources <RENR.BO> on 5.1 million shares

* Unitech <UNTE.BO> 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>