Benchmark indices are likely to open in the red on Thursday, following subdued Asian peers, ahead of April F&O Expiry. Stock specific action will be in focus with Maruti Suzuki, Axis Bank reporting their March-quarter earnings during the day.

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Asian shares slipped amid fears of slowing global growth, while oil prices pulled back slightly after a sharp run-up earlier in the week.

Bulls staged a smart comeback on April 24 after selling pressure seen in the previous three consecutive sessions. The BSE Sensex rallied 489.80 points to close at 39,054.68 while the Nifty50 climbed 150.20 points to 11,726.20.

Among brokerages, both Deutsche Bank and CLSA are bullish on Ultratech Cement post Q4 numbers and raised its target price. Credit Suisse, meanwhile, cut Indiabulls Housing's target price while maintaining a 'neutral' call. CLSA downgraded Bharti Infratel to sell and also cut its target price, while maintains buy on ICICI Prudential.

Here are top brokerage calls for Thursday:

Credit Suisse on Indiabulls Housing

- Maintain neutral call, target cut to Rs 800 from Rs 1,000 per share

- Comfortable on liquidity but growth takes a hit

- NII decline was lower as NIMs expanded 50 bps

- Gross NPAs largely stable aided by higher write-offs

- Comfortable on the liquidity front compared to most peers

- Forecast only 5 percent AUM growth in FY20; cut earnings estimates by 13-16 percent

- Conversion to a bank key to secure consistent asset growth

- Regulatory approval for the same is key catalyst for the stock

Deutsche Bank on Ultratech Cement

- Buy rating, target raised to Rs 4,815 from Rs 4,575 per share

- Strong margin outlook to drive consensus EPS upgrades

- Strong March quarter result and a positive margin outlook to start an EPS upgrade

- Expect margin to now exceed Rs 1,100/tonne supported by price hikes

- Raise above consensus EPS estimates by a further 8-10 percent

CLSA on Bharti Infratel

- Downgrade to sell from outperform, target cut to Rs 285 from Rs 300 per share

- Tenancy outlook to remain muted

- Tenancy exits spiked 60 percent QoQ while tenancy additions were down 11 percent QoQ

- Cut FY20-21 estimates by 2-4 percent

- Expect tenancies to see a 2.5 percent CAGR over FY19-21

- 4 percent yield a key support and special payouts or buybacks could be catalysts

CLSA on ICICI Prudential

- Maintain buy call, target raised to Rs 475 from Rs 450 per share

- Scale-up of protection to aid growth and profit

- Key positives were uptick in premium growth and rebound in persistency ratio

- Over FY19-21, see a 250 bps expansion in its margin towards 20 percent

- Lower dividend payout will support EV growth

- Valuation is at a 40 percent discount to HDFC Life and see scope for a re-rating

CLSA on Ultratech

- Buy rating, target raised to Rs 5,270 from Rs 5,025 per share

- Strong end to FY19, focus on reducing debt

- Organic unit EBITDA near Rs 1,100/tonne was the highlight

- Management believes the industry is decisively in an upcycle

- Election outcome and monsoon are key events to await

- Raise FY19-21 EPS estimates by 3-11 percent

10 things you need to know before the opening bell on April 25

Top stocks to watch out for on April 25: ICICI Pru, Indiabulls Housing, Yes Bank