Reuters Market Eye - Marico gains 1.1 percent after Morgan Stanley upgrades the stock to "overweight" from "equal-weight".
Morgan Stanley downgrades Dabur India and Godrej Consumer Products to "equal-weight" from "overweight".
"Our stock selection criteria continue to favour earnings momentum and relative value," the investment bank says.
Marico is attractive at 18 percent below Dabur and in line with its last 4 years' average price-to-earnings valuation, it adds.
(Reporting by Abhishek Vishnoi)