The Indian indices are likely to remain range-bound in trade on Tuesday amid renewed US-China trade tensions. Meanwhile, Asian shares wallowed near five-week lows after US President Donald Trump’s threat to raise tariffs.

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On Monday, benchmark indices recovered from the day's low but ended nearly a percent lower. The Sensex ended down 362.92 points at 38,600.34, while Nifty closed 114 points lower at 11,598.30.

Among brokerages, Nomura and CLSA were bullish on ICICI Bank post Q4 earnings and raised the stock's target price. Macquarie maintained 'outperform' on Marico, while Morgan Stanley upgraded the stock to overweight.

Here are top brokerage calls for Tuesday:

Nomura on ICICI Bank

- 'Buy' call, raises target to Rs 500 from Rs 480 per share

- NII growth of 20 percent YoY in-line with estimates

- PAT missed due to higher provisioning/write-offs

- Exposure to new stressed names recently has been quite low

- Jet Airways classified as NPL too and carries sufficient provisioning

- NPA coverage at over 71 percent despite large write-off

- Expect NIMs to inch up 10 bps in FY20

- RoEs will trend up to 15.5 percent in FY21 and 16 percent in FY22

CLSA on ICICI Bank

- 'Buy' rating, target raised to Rs 500 from Rs 470 per share

- Normalisation of credit costs to aid an earnings recovery

- Expect slippage to stabilise around 2 percent

- CASA growth of 12 percent needs to improve to support loan growth

- Raise estimates by 1-3 percent and expect earnings and RoE to rebound from FY20

Macquarie on Marico

- Maintain 'outperform', target raised to Rs 412 from Rs 394 per share

- EBITDA miss mainly on account of higher investments in A&P and higher promotions

- Cut earnings on account of lower pricing growth and higher A&P spend

- Expect 220 bps of margin expansion in the next 2 years

- Cut FY20/21 earnings estimates by 3-5 percent

Morgan Stanley on Marico

- Upgrade to 'overweight', target at Rs 410 per share

- Forecast 17 percent FY19-21 earnings CAGR

- Expect a calibrated stock re-rating regardless of the election outcome

Morgan Stanley on Bharti Airtel

- Q4 numbers marginally better than our forecasts

- Profitability improved in India wireless and Africa

- Weakness in enterprise and homes dragged consolidated profitability

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