ONGC rises over 2 per cent after Bank of America upgrade

Oil and Natural Gas Corporation gained more than 2 per cent after Bank of America Merrill Lynch upgraded the stock to "buy" from "neutral".

BofA said it expects more gains from oil reforms than earlier and raised target price to Rs 534 from Rs 466.

Shares of the scrip closed at Rs 454.80 a piece, up 12.3 points (or 2.78 per cent) on Monday at the Bombay Stock Exchange (BSE).