Brokerage CLSA raised its rating on Reliance Industries to "buy" from "outperform" late on Monday.
Late on Monday, BP agreed to invest $7.2 billion in the Indian firm to explore for deepwater oil and gas.
"There remain several uncertainties -- the value of the deal, payment schedules and the impact on EPS -- but it nonetheless sets a medium term benchmark for Reliance's E&P value," analysts Somshankar Sinha and Vikash Kumar Jain said in a note.
At 9.37am (0407 GMT) shares in Reliance were up 4.1%, while the main stock index dropped 0.9%.
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