Indian benchmark Indices are likely to open lower on Friday as global markets remained cautious ahead of the planned tariff hike by the US on Chinese goods worth $200 billion today. Markets will look to whether negotiators from the two countries can clinch a deal to avert the hike.

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Indian shares fell for the seventh straight session on May 9. The Sensex slipped over 200 points and the Nifty closed just above 11,300 levels on the back of weak global cues. At close, the Sensex was down 230.22 points at 37,558.91, while Nifty was down 57.70 points at 11,301.80.

Meanwhile, Asian shares on Friday inched up from two-month lows with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.2 percent and Japan’s Nikkei rising 0.4 percent.

Among brokerages, Macquarie and Deutsche Bank was bullish on HCL Tech and raised their target price for the stock. CLSA maintained 'sell' call on Asian Paints, while Credit Suisse was 'neutral'. Both brokerages cut their target price for Asian Paints.

Here are the top brokerage calls for today:

Macquarie on HCL tech

- 'Outperform' call, target raised to Rs 1,380 from Rs 1,300 per share.

- Organic growth guidance of 7-9 percent in FY20 from 6.5 percent in FY19 a highlight.

- Organic growth rate to pick up in FY20 on large deal wins.

- Margin guidance lowered on mode two investments and closure of IBM deal.

Deutsche Bank on HCL tech

- 'Buy' rating, target raised to Rs 1,190 from Rs 1,070 per share.

- Constructive outlook but management acknowledges macro risks.

- Revenue guidance of 14-16 percent includes organic growth guidance of 7-9 percent.

- Pipeline is 10 percent higher compared to FY18 end.

- 40 percent of pipeline consisted of integrated deals with digital services as a key pillar.

CLSA on Asian Paints

- 'Sell' call, target price cut to Rs 1,285 from Rs 1,400.

- Weak Q4FY19 results and cautious management outlook.

- Q4 much below estimates due to revenue and margin miss.

- While domestic volume growth of 10 percent was good, value growth was impacted by an inferior mix.

- Increased input prices along with higher marketing spending impacted its operating margin.

- Further cut EPS by 1 percent-3 percent for FY20-21 (after a 2 percent-5 percent cut in April 2019).

Credit Suisse on Asian Paints

- Maintain 'neutral', target cut to Rs 1,425 from Rs 1,500 per share.

- Healthy volumes at the cost of a large margin miss.

- Cut FY20/FY2 EPS estimates by 6-9 percent.

- Margin hit on high discounting and rise in fixed costs from new capacity.

- Volume growth healthy, but realisation growth only 2 percent vs price hike of 6 percent.

Kotak Institutional Equities on Asian Paints

- Q4FY19 materially below expectations.

- Mix deterioration continues to surprise and reflected in Q4.

- Management suggested an uncertain demand outlook.

- We cut our FY2020/21 EPS forecasts by 10-11 percent.

- Reduce stays, target price Rs 1225.

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