Indian shares are set to open little changed on Friday after benchmark indices rallied for seven out of eight sessions.

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Investors are also cautious following the US Federal Reserve’s dim outlook for the global economy.

At 07:20 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.03 percent at 11,596, indicating a tepid start for the Sensex and the Nifty.

Among brokerages, CLSA has a 'buy' rating on ICICI Prudential Life and raised its target to Rs 450. The brokerage has downgraded Kansai Nerolac to 'sell' from 'underperform' and cut its target to Rs 385 per share.

Citi has maintained a 'neutral/high-risk' rating on Vodafone Idea. In the aviation space, HSBC has a 'hold' rating on Spicejet and 'reduce' on Jet Airways.

Here are top brokerage calls for Friday:

CLSA on ICICI Prudential Life

- Buy rating, target raised to Rs 450 from Rs 430 per share

- By FY21, 10 percent change in new ULIP premiums to impact total new premiums by 7 percent

- Better disclosure on underwriting experience will be expected

- Risks can arise from competition/regulatory tightening

- See 15 percent compound annual growth rate in Value of New Business (VNB) over FY18-21

CLSA on Kansai Nerolac

- Demand headwinds as the auto sector reels under pressure

- Reports of Maruti cutting March production by 25 percent a big concern for company

- Auto OEM paints contributes over a third of its revenue

- Macroeconomic environment raises concern over decorative demand too

- Continue to model for double-digit growth

- Stronger rupee should help along with product price hikes

- Cuts FY19-21 earnings per share estimates by 2-4 percent

- Downgrades to sell from underperform, target cut to Rs 385 from Rs 450 per share

Citi on Vodafone Idea

- Maintains neutral/high risk rating, target at Rs 39 per share

- Steep discount for rights issue should drive healthy minority participation

- Successful completion of the capital raise would be positive

- Progress on post-merger integration and execution on synergies is encouraging

- Stay on the sidelines as uncertainties still remain

HSBC on Aviation

- Domestic traffic growth at its slowest in the last five years

- Rise in fares is denting demand

- Load factor down 2 points despite capacity growth slowing to 8 percent

- Hold rating on Spicejet, target at Rs 79.50 per share

- Reduce rating on Jet Airways, target at Rs 190 per share

Citi on Maruti Suzuki

- Buy call, target at Rs 8,300 per share

- Despite weak demand in the near-term, it’s a sectoral top pick