Morgan Stanley upgrades ONGC, HPCL

Raises ratings to 'overweight' from 'equalweight'

Morgan Stanley raised its ratings on ONGC and HPCL to "overweight" from "equalweight", citing benefits from the recent government reforms on fuel prices.

The government last month allowed companies to raise diesel prices, reducing the sector's subsidy burden.

ONGC shares rose 0.5% as of 9:39 a.m., while HPCL shares were up 0.6%.