ICICI Securities said on Tuesday it had upgraded Reliance Industries to buy from hold, citing reasonable valuations and as most negatives were priced in.

"Given the underperformance and the recent correction, valuations are reasonable and further exploration success and improving global economy could offer upside to our Rs 1,041/share target price," the brokerage said in a note.

At 2:11 pm (0841 GMT), shares in Reliance were up 1 per cent at Rs 963.10, while the main stock index was up 0.3 per cent.