Benchmark indices are likely to closely track global cues like oil prices and key macro-data on Tuesday. The investors will also keep an eye on the skirmishes between India and Pakistan. Markets were closed on Monday on account of Mahashivratri.

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Meanwhile, Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States. China cut its growth target for this year to 6.0 to 6.5 percent, in line with expectations, from around 6.5 percent last year.

Australian shares dropped 0.6 percent while South Korea’s Kospi lost 0.5 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent and Japan’s Nikkei dropped 0.3 percent.

Here are the top brokerage calls for the day:

Nomura on Tata Motors

- Maintains neutral call, target at Rs 187 per share.

- The brokerage has factored in a 12% decline in global wholesales for JLR in February and a 10% fall in overall JLR volumes in FY19.

- The launch of new Evoque can help volumes in FY20.

- Do not expect a re-rating given tough market conditions in China.

- There are also risks to demand from a no-deal Brexit.

Citi on Eicher Motors

- Consolidated earnings estimates are cut by 2-3 percent over FY19-21.

- Maintain buy call, target cut to Rs 24,700 from Rs 25,200 per share.

- Discount to historical average trading multiple reflects uncertainty on volume growth.

- Positive stance on Royal Enfield business is driven by its unique positioning in the Indian two-wheeler market.

Morgan Stanley on Coal India

- Overweight rating, target at Rs 268 per share.

- Strong production growth of 7 percent in February implies acceleration.

- Despatches up 3% year-on-year, improving from flattish volumes in the last three months.

- Attractive valuations keep the brokerage overweight.

Macquarie on Tata Motors

- Outperform call, target at Rs 260 per share.

- Expect JLR’s cost reduction plans to yield positive results in 2019.

Macquarie on Nestle

- Believe the company can outperform street expectations on revenue growth and margin expansion.

- Building in 15 percent revenue growth in 2019 vs street expectation of 13 percent growth.

- Expect strong operating leverage with higher volume growth.

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