Benchmark indices are likely to be in red on Thursday, tracking Asian peers, which were trading lower as recession concerns sent bond yields lower across the globe.

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On Wednesday, the Indian markets pared gains to end lower with Nifty below 11,450, on profit booking, ahead of March F&O expiry. The Sensex ended 343 points lower from day's high, while the Nifty50 declined 101 points from its day's high. The gains in banking stocks were capped by losses in the pharma and auto space. The BSE Sensex fell 100 points to 38,132 while the Nifty50 declined 38 points to 11,445.

Among brokerages, Emkay maintained 'buy' on Mahindra & Mahindra, but has cut its target price to Rs 800 per share. HSBC has a 'reduce' rating on Lupin while cutting its TP to Rs 690 per share. Credit Suisse maintained 'outperform' on SBI, while, Deutsche Bank maintained a 'sell' call on Jain Irrigation.

Here are the top brokerage calls for Thursday:

Emkay on M&M

- Channel checks indicate XUV3OO is well accepted and boasts a healthy waiting period

- Marazzo MPV’s volumes are also expected to improve slowly

- Dealers expect double-digit growth in FY20 for the automotive division

- Gasoline utility vehicles are likely to limit volume impact due to BS-VI transition

- Reduce FY20 and FY21 earnings per share estimate by 2 percent and 5 percent to Rs 45.60 and Rs 45.30, respectively

- Maintain buy rating, target cut to Rs 800 from Rs 860 per share

HSBC on Lupin

- Maintain reduce, target cut to Rs 690 from Rs 740 per share

- Execution critical to realise benefits of Etanercept in Japan

- Watch for operational stability and execution of critical launches

- FY19-21 earnings per share estimates cut by 2-5 percent

Credit Suisse on SBI

- Maintain outperform, target at Rs 350 per share

- Growth remains healthy and margin is likely to expand

- May look to raise Rs 10,000 crore of capital at an opportune time for higher growth

- Management expects return on assets to recover to 1 percent by FY21

- Lift FY19-21 earnings per share estimates by 4-5 percent on stronger NIMs and deferred capital raise

Deutsche Bank on Jain Irrigation

- Maintain sell call, target cut to Rs 56 from Rs 65 per share

- Leverage continues to rise and net debt/ EBITDA to rise to 4.1 times

- FY19 has been tough, net debt highest in the last 7 years

- Net debt to EBITDA ratio is unlikely to decline unless company resorts to asset/stake sales

- Skeptical about prospects for a turnaround

- Raise FY19 earnings per share estimate to factor in higher other income

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First Published:Mar 28, 2019 7:56 AM IST