Steel stocks rallied after Morgan Stanley turned bullish on the sector, citing expanding spreads and stronger domestic demand. The brokerage upgraded JSW Steel and Tata Steel to 'Overweight' with targets of ₹1,300 and ₹200, while lifting SAIL to 'Equalweight' at ₹140. Domestic demand, possible safeguard duties, and global cues like a softer dollar are expected to boost momentum.