The Indian benchmark indices are likely to open on a flat note on Tuesday with the main focus shifting from elections to the last leg of March-quarter earnings ahead of May F&O expiry. Meanwhile, Asian shares tracked European gains on Tuesday, as relief over European Union election results eased concerns about political difficulties in the bloc.

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On Monday, the market continued its positive momentum for the second consecutive session and ended at a fresh record closing high led by financial and metal stocks. The BSE Sensex rallied 248.57 points to 39,683.29 while the Nifty50 rose 80.70 points to 11,924.80. Meanwhile, the broader market outperformed the frontlines as the Nifty Midcap and Smallcap indices gained 1.6 percent each.

Among brokerages, Credit Suisse downgraded Zee to 'neutral' despite robust Q4 earnings and slashed its target price, meanwhile, Nomura maintained its 'buy' call on the stock. CLSA maintains 'sell' call on BHEL and raised its target, while it is bullish on Colgate but reduced its target. Credit Suisse is positive on Emami, and Nomura maintains 'buy' for Motherson Sumi.

Here are the top brokerage calls for Tuesday:

Credit Suisse on Zee Ent

- Downgrade to neutral from outperform, target cut to Rs 390 from 560 per share

- Cut FY20/FY21 estimates by 15 percent on lower ad/subscription revenues

- Margin contracted 650 bps QoQ on higher content costs

- Balance sheet deteriorated further in FY19 with inventory increase of Rs 1,220 crore

- Both ad and subscription could be muted in FY20 on reach issues post Trai tariff order

- Slowdown in consumption could result in FMCG holding back on advertising

Nomura on Zee Ent

- Maintain buy, target cut to Rs 522 from Rs 553 per share

- Build in a 13 percent/12 percent CAGR for ad/subscription revenue over FY19-21

- Digital revenue would be an upside risk to numbers

- Lower FY20-21 EPS estimates by 2-3 percent on lower other income

- Key catalyst for the stock remains the promoter stake sale deal

- Working capital worsened by Rs 1,550 crore in FY19

CLSA on BHEL

- Maintain 'sell' call, target raised to Rs 63 from 56 per share

- Inflows decline as plant load factors still very low and gross margins shrink

- Q4 profit grew 49 percent YoY, led by lower non-cash provisions

- Execution remained flat, with continued challenges on the ground

- Weak Q4 order inflow and falling backlog will not inspire market confidence

- Margin expansion of 90 bps YoY driven by lower provisions

- Risk to its new orders by utilities is a worry

- See signs of a shift in company to non-fossil fuel power and industrial business

CLSA on Colgate

- Maintain buy rating, target cut to Rs 1,400 from Rs 1,575 per share

- Q4 domestic volume growth was in line with expectations

- Management highlighted its priority on growth over margin

- Decline in market share arrested; company hopeful of gains ahead

- Management needs to show more aggression to drive growth

- Cut EPS estimate by 3-4 percent

Credit Suisse on Emami

- Maintain outperform, target cut to Rs 435 from Rs 480 per share

- Cut FY20/21 EPS estimates by 6-8 percent to build in the lower growth

- Key trigger will be return to 8-10 percent revenue growth

- Valuations are reasonable at current levels

- Weak growth trend continues; Q4 also impacted by adverse seasonality

- Gross margin hit likely to be temporary as input cost spike has reversed

Nomura on Motherson Sumi

- Maintain 'buy' call, target cut to Rs 156 from Rs 171 per share

- New plants ramp-up, India recovery to drive performance

- Attractive valuations limit downside

- Lower EBITDA by 8 percent/5 percent for FY20-21

- EPS estimates for FY20/21 cut by 11 percent/9 percent

10 things you need to know before the opening bell on May 28