Morgan Stanley has overweight rating on Reliance Industries, with increased target at Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations.

Morgan Stanley has overweight rating on Reliance Industries, with increased target at Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations. Energy return on capital employed is set to rise 500 bps by FY20 to 15 percent, the brokerage house believes.

The stock was quoting at Rs 1,250.60, up Rs 68.00, or 5.75 percent after hitting a fresh 52-week high of Rs 1,251 on the BSE.

Its market capitalisation crossed Rs 4 lakh crore mark.

9:15 am Market Check The market opened flat with a negative bias on Monday, tracking weakness in Asian peers and fall in FMCG and private banks stocks.

The 30-share Sensex was down 59.96 points at 28833.01 and the 50-share NSE Nifty fell 21.65 points to 8917.85.