After the rally in previous four consecutive sessions, the market started consolidation ahead of corporate earnings that will start later in the week and macro data due tomorrow evening.

Investors are also closely monitoring crude oil price movement as Brent crude oil futures on Tuesday crossed the USD 70 a barrel and hit the highest level since late 2014. For India, which imports more than 80 percent of oil requirement, it is a big hit on fiscal front.

Trade war tensions already abated after China announced measures to open up its economy.

Now all eyes are on corporate earnings and Karnataka elections along with crude oil movement, experts suggest.

"January was a good month for the market, but the Street saw a correction of more than 10 percent from all time high levels seen earlier. Now we are seeing a pullback rally and beaten down stocks have performed well from the upmove we are seeing from March 23. We could see another 100-200-point spike, as the earnings season is about to start. Major part of the focus will be on earnings season," AK Prabhakar, Head — Research, IDBI Capital, told Moneycontrol.

The Street will watch out for the commentary as well, which is currently worrisome, he said.

Chola Securities, which also said investors would keenly await signs of pick-up in corporate earnings in the upcoming 4QFY2018 earnings season, expects in the medium term the markets to be watchful of the outcome of investigations in banking space post PNB scam.

"With elections in various state legislative assemblies lined up this year, we expect markets to react on political developments," it added.

Here is the list of top 10 stocks which can give up to 49% return:

Brokerage - Motilal Oswal

Exide Industries | Rating - Buy | Target - Rs 268 | Return - 12%

Exide Industries' Q3FY18 net sales grew 32.7 percent YoY to Rs 2,280 crore, driven by growth in automotive, UPS, telecom and infrastructure batteries. EBITDA margin contracted to 12.4 percent.

PAT grew 1.8 percent YoY to Rs 154 crore. Management indicated that growth momentum in automotive and motorcycle batteries was good, while demand for telecom, UPS and other infrastructure segments was also good.

Exide is focusing on cost-control initiatives and technology upgradation to improve profitability. We have a Buy rating with target price of Rs 268.

Jubilant Life Sciences | Rating - Buy | Target - Rs 957 | Return - 17%

Jubilant Life Sciences (JLS), is engaged in the manufacturing of radiopharmaceuticals, allergy products, advanced intermediates, nutritional products and life science chemicals. We expect specialty pharma to grow at a 16 percent CAGR (adjusting for Triad business) over FY17-20.

In the LSI segment, the business scenario has improved for specialty intermediates and nutritional products due to lower supply from Chinese competitors as a result of production restrictions imposed by the Chinese government to reduce pollution.

We expect JLS to deliver a CAGR of 17 percent in revenue (including Triad revenue from QQFY18) to Rs 9,300 crore, 14 percent in EBITDA to Rs 1,980 crore and 20 percent in PAT to Rs 1,000 crore over FY17-20. We value JLS on an SOTP basis with a target price of Rs 957 and re-iterate Buy.

Pidilite Industries | Rating - Buy | Target - Rs 1,065 | Return - 9%

Pidilite Industries (PIDI) is the largest branded adhesives player in India. Apart from a strong presence in adhesives, company has expanded into emerging segments like mechanized joinery, modular furniture, flooring, automotive care and water proofing through Dr Fixit and Roff.

PIDI offers a high-quality discretionary play, with a strong competitive positioning, proven in-market excellence and an impeccable track record of generating long-term shareholder value over multiple periods.

A revival of volume growth and a strong potential shift from unorganized players over the next 2-3 years outweigh near-term margin worries. We have a buy rating on the stock with target price of Rs 1,065.

Power Grid | Rating - Buy | Target - Rs 287 | Return - 46%

Power Grid has around Rs 1 lakh crore of orders pending execution, providing strong visibility of EPS CAGR of around 12 percent over FY18-22. The earnings estimate factors in a 150bp cut in the regulated return on equity-RoE (to 14 percent) in the next tariff regulations. However, with bond yield rising over the last few months, the extent of such cut could be lower, in our view.

At CMP, the stock is trading attractively at 1.4x FY20E P/BV for an RoE of around 16 percent and a CoE of around 10-11 percent, not appreciating any future growth potential.

If we were to assume no growth after FY20, which means PAT is available for dividend distribution, the stock is trading at an attractive dividend yield of around 11 percent for an assured return model and revenues backed by state-guarantees (g-sec yield is around 7 to 8 percent). We re-iterate our Buy rating with a DCF-based target price of Rs 287/share.

M&M | Rating - Buy | Target - Rs 889 | Return - 15%

M&M is the mark