Indian benchmark indices are likely to open in red ahead of the Reserve Bank of India’s monetary policy decision due later in the day today. All economists on the CNBC-TV18 panel unanimously voted for a 25 basis points rate cut and four of the five members expect the RBI to keep a 'neutral' stance. Muted sentiment in the Asian peers will also keep the investors on edge. On Tuesday, the markets ended lower. The BSE Sensex declined 184 points to 40,083 while the Nifty50 slipped 67 points to 12,022.

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Among brokerages, CLSA downgraded GAIL to underperform and cut its target price to Rs 365. Nomura gave a 'reduce' call on Eicher Motors, while CLSA retained its 'outperform' rating. For the overall auto sector, Nomura has a 'neutral' rating on Ashok Leyland, Bajaj Auto, Tata Motors and 'buy' only on M&M. Meanwhile, CLSA was bullish on Adani Ports and raised its target price to Rs 510 per share. Morgan Stanley, on the other hand, has downgraded financial stocks, believes weak MF debt inflows will keep them in under pressure.

Here are the top brokerage calls for Thursday:

CLSA on GAIL

- Downgrade to 'underperform' from 'buy', target cut to Rs 365 from Rs 420 per share

- Disappointing tariff revision for key pipeline

- EPS estimates cut by 4-7 percent

- Lack of EPS growth limits reasons to be positive on the stock

- Galling crude and weak spot LNG price could be near-term concerns

- Every $1 per barrel Brent change moves our EPS estimate by 0.6 percent

Nomura on Eicher Motors

CLSA on Eicher Motors

- Retain 'outperform' rating with a target of Rs 22,500 per share

- At its analyst meeting, the company unveiled a new network expansion strategy

- Company to target semi-urban and rural markets via small store format

- R&D capabilities have improved with the ramp-up of UK technology center

- Royan Enfield remains focussed on enhancing its brand desirability

- Continue to believe in its long-term growth potential

- Pick-up in volume growth is crucial to stock performance

Nomura on Autos

CLSA on Adani Ports

- 'Buy' rating, raise the target to Rs 510 from Rs 475 per share

- After the buyback, ROEs would get a boost of 96 bps, EPS could fall by 1 percent

- Pay-out for FY19 includes buyback at 50 percent versus 11 percent in FY18

- The strategic asset should deliver 16 percent growth in port EBITDA over FY19-21

- Good guidance for FY20 on a high base

Deutsche Bank on Realty Sector

Morgan Stanley on ICICI Prudential Life

- 'Overweight' call, target at Rs 450 per share

- Annual premium equivalent (APE) premiums up 5 percent YoY in May versus 9 percent YoY in April

- On the individual retail-weighted received basis, premium rose 1 percent YoY versus 2 percent in April

- Value of new business (VNB) growth estimate is 25 percent CAGR in FY20-21

- Key upside catalyst will be sustained pick-up in premium growth

- Key risk is material weakness in persistency

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