Reliance Industries gains 5% as Morgan Stanley maintains overweight stance

Analysts at Morgan Stanley expect recovery in energy earnings after the trough (both refining and petrochemicals) seen in Q1FY20

Shares of Reliance Industries (RIL) rallied 5 per cent to Rs 1,298 on the BSE on Tuesday after Morgan Stanley maintained an 'overweight' stance on the stock. The foreign brokerage revised target price of RIL to Rs 1,469 from Rs 1,349, earlier.

At 10:27 am; RIL was the top gainer on the S&P BSE Sensex and Nifty 50, which were up 0.30 per cent each. Since May 3, from its all-time high level of Rs 1,417, RIL had underperformed the market by falling 12 per cent, as compared to 0.33 per cent rise in the benchmark index till Monday.

Analysts at Morgan