The benchmark indices are likely to open flat, tracking subdued Asian markets, amid increased tensions ahead of key China-US trade negotiations fanned fresh concerns about the outlook for the global economy.

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On Wednesday, the indices saw sharp selling pressure with the Sensex falling nearly 500 points and the Nifty breaking 11,400 level as bears retained charge on Dalal Street. The market fell for the sixth straight session. The BSE Sensex tanked 487.50 points to 37,789.13 while the Nifty 50 plunged 138.40 points to 11,359.50.

Among brokerages, Macquarie and Credit Suisse maintained 'outperform' on Titan post Q4 earnings and raised the stocks' target price. Meanwhile, Morgan Stanley downgraded Reliance Industries to 'equal-weight'. Jefferies and Macquarie remained bullish on Shriram Transport but cut its target price.

Here are top brokerage calls for today:

Macquarie on Titan

- Maintain outperform, target raised to Rs 1,294 from Rs 1,186 per share

- The simple thesis continues to be market share gains in jewellery

- Adjusted EBITDA in-line with estimates

- EBITDA impacted by several one-offs including provision for IL&FS ICDs

- Company is the top pick in consumption discretionary space

- Store additions should play a big part in gaining market share

Credit Suisse on Titan

- Maintain outperform, raise the target to Rs 1,250 from Rs 1,175 per share

- Q4 adjusted PBT up 26 percent YoY, in-line with our estimate

- Few one-offs depressed the reported PAT

- Jewellery led with 21 percent/13 percent revenue/EBIT growth, on market share gains

- Increase earnings estimates by 2 percent

Morgan Stanley on Reliance Industries

- Downgrade to equal-weight, target at Rs 1,349 per share

- Expect 2-year earnings upswing to reverse

- The rising glut in gas and polyester markets could also slow growth into 2020

- Upside appears limited amid core business drags

- Expect earnings growth to halve in FY20, after a 17 percent CAGR, FY17-19

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Macquarie on Shriram Transport

- Outperform rating, target cut to Rs 1,265 from Rs 1,320 per share

- Weak operating performance due to go-slow in lending operations

- NPL reduction is modest vs peers in a seasonally strong quarter

- The overhang from the proposed merger of Shriram Group entities remains

- NIM to remain flat from Q4 exit NIM of 7.2 percent throughout FY20

Jefferies on Shriram Transport

- Buy rating, target cut to Rs 1,200 from Rs 1,240 per share

- Loan growth disappoints; asset quality improves

- See headwinds from weak CV trends

- Used CV segment should be relatively resilient

- Lending rate hike transmission should support NIMs

- Prospects of potential merger may remain an overhang in the near term

10 things you need to know before the opening bell on May 9