Indian shares are set for a tepid start on Wednesday, after the benchmark indices rallied in the last two sessions on the back of strong overseas inflows.

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On Tuesday, the Sensex was up 481.56 points at 37535.66, while Nifty was up 133.20 points at 11301.20. About 1595 shares have advanced, 1088 shares declined, and 147 shares are unchanged.

Among brokerage calls, Macquarie has an 'outperform' rating on ITC, while Citi has raised the target of Maruti Suzuki to Rs 8,300 per share. HSBC, on the other hand, has reiterated 'hold' rating for Tata Motors but has raised the target price for the stock.

Here are the top brokerage calls for today:

HSBC on Tata Motors

- A limited downside to FY20-21 JLR volume estimates, but it is unlikely to see a sharp recovery.

- Margin highly contingent on cost-cutting and Brexit risks have not been factored into estimates.

- The target raised to Rs 190 from Rs 170 per share.

- Profitability will largely be dependent on cost-cutting.

HSBC on CG Power

- Maintain 'hold', target at Rs 34 per share.

- Investor concerns on governance-related risks are likely to recede.

- The company needs to do a lot more to improve investor confidence.

Macquarie on ITC

- 'Outperform' call, target at Rs 376 per share.

- Channel checks suggest strong volume growth momentum continuing in the last 2-3 months.

- Winning back market share a key reason for strong volume growth.

- Expect earnings growth gap between ITC and other FMCG peers to reduce meaningfully.

- May see a valuation re-rating for the stock going forward.

Citi on Maruti

- 'Buy' call, target raised to Rs 8,300 from Rs 7,600 per share.

- Cut earnings per share estimates by 5-7 percent over FY19-21.

- Expect a slight volume pick-up post elections and into the festive season.

- Earnings downgrades could trough over FY20.

Citi on Dilip Buildcon

- 'Buy' call, target raised to Rs 761 from Rs 725 per share.

- Incremental awards not expected until the elections conclude.

- Management expects significant order wins in the second half of FY20.

- The company expects further improvement in the balance sheet.