*Fund Houses Recommendations* Citi on *Indigo:* Maintain Buy on Company, raise target price at Rs 5200/Sh versus Rs 5100/Sh (Positive) Citi on *Federal Bank:* Maintain Buy on Bank, target price at Rs 242/Sh (Positive) Jefferies on *M&M:* Maintain Buy on Company, target price at Rs 4075/Sh (Positive) MS on *Cyient:* Maintain Overweight on Company, target price at Rs 1750/Sh (Positive) Nomura on *Auto:* EV policy to accelerate adoption, Tesla’s entry to benefit suppliers like *Sona Comstar, Sansera and Motherson Sumi* (Positive) CLSA on *IT sector:* Demand drivers improving; GenAI to be revenue driver going forward. We see multiple positive signals for India’s IT sector going into FY26 (Positive) CLSA on *India Strategy:* Top upgrades- *DLF, Muthoot Finance, ONGC* (Positive) CLSA on *India Strategy:* Better-than-expected 3Q, but notable EPS cuts remain a concern. Results of 30% of stocks exceeded our estimates, but a bigger 46% fell short. (Neutral) CLSA on *Pharma sector:* US tariff concerns; pharma index down 12.9%, underperforming the broader market (Nifty down 4%). A 10% hit on sales of generics imported into the US should imply an EBITDA impact of 4-15%. (Neutral) CLSA on India *Auto:* Tesla’s India entry unlikely to impact Maruti, Hyundai & Tata, expects premium car market to benefit (Neutral) GS on *M&M:* Maintain Buy on Company, target price at Rs 3800/Sh (Neutral) Bernstein on *M&M:* Maintain Outperform on Company, target price at Rs 3650/Sh (Neutral) CLSA on *India Strategy:* Top downgrades: *Zomato, PVR Inox, Bandhan Bank* (Negative) Incred on *SBIN:* Downgrade to Hold on Bank, cut target price at Rs 795/Sh versus Rs 1100/Sh (Negative)