Indian shares are set for a positive start on Thursday ahead of the Reserve Bank of India’s monetary policy decision.

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All the respondents to CNBC-TV18's poll expect a rate cut from the monetary policy committee in its first bi-monthly policy today.

At 07:13 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 0.18 percent at 11,733.50, indicating a positive start for the Sensex and Nifty.

On Wednesday, the market snapped a four-day winning streak after hitting all-time-high levels intraday. The BSE Sensex lost 179 points to end at 38,877.12, while the Nifty50 ended 69 points lower at 11,644.

Among brokerages, Morgan Stanley is overweight on Amara Raja Batteries following a disagreement with Johnson Controls. Credit Suisse remained 'neutral' on Reliance Industries and United Spirits, while HSBC has a 'hold' rating on Alkem Labs. It prefers UPL and PI Industries in the agri sector.

Top brokerage calls for Thursday:

Morgan Stanley on Amara Raja

- Overweight call, target at Rs 1,065 per share

- Johnson Controls said that Amara Raja stake will go to Brookfield

- Amara Raja stake going to Brookfield will ease investor concern

- Any further sell-down by Brookfield would not likely be any time soon

- New investor would likely look to create value first before exiting

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Credit Suisse on Reliance Industries

- Neutral rating, target at Rs 1,425 per share

- Positively surprised with fast scale-up in telecom and retail

- Next phase of value creation from monetisation of Jio users beyond telecom

- Telecom share reaching over 40 percent and retail EBITDA compound annual growth rate (CAGR) Of over 35 percent in FY19-21

- Expect 25 percent EBITDA CAGR over FY19-21 for refining business

- Jio's EBITDA to more than double to $5 billion by FY22

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Credit Suisse on United Spirits

- Maintain neutral, target at Rs 600 per share

- Multiple pressure points over the next few quarters

- The company faces multiple pressure points on growth and margin over the next two quarters

- This will likely be a drag on earnings before potential price hikes come through

- Price hikes unlikely before the elections are over

- Growth likely to come off as the low base effect is now over

- Can protect near-term margin by cutting ad spends

HSBC on Agri

- El Nino is the Spoilsport, but a devolving one

- June looks to be most affected, followed by an improvement

- Lower June rains could delay sowing

- Any significant revival in rainfall from July could lead to recovery

- UPL and PI Industries, our preferred picks, would be least impacted

HSBC on Alkem Labs

- Maintain Hold, target cut to Rs 1,860 from Rs 2,000 per share

- Multiple issues impacted India sales in FY19

- Focus ahead remains on improving sales productivity and new launches

- Valsartan can offset some of the losses for Mycophenolate due to entry of competition

- Execution crucial for India and US sales growth to improve margin

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Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Apr 4, 2019 8:19 AM IST