Overnight Digest: Stocks to watch out for on November 30

The benchmark indices ended on a positive note in the volatile session of November 29 with Nifty closing higher 27.50 points or 0.16 per cent at 17,054.00 and Sensex closing up 153.43 points or 0.27 per cent at 57,260.58.

About 875 shares have advanced, 2337 shares declined, and 142 shares are unchanged. Major gainers on the Nifty index for the day were, Kotak Mahindra Bank, HDFC Life, HCL Technologies, TCS and Wipro, whereas the losers included BPCL, Sun Pharma, UPL, ONGC and Adani Ports.

On the sectoral front, apart from IT, all other sectoral indices ended lower with pharma, power, realty, oil & gas, PSU bank contracting 1-2 per cent. In the broader markets, BSE midcap and smallcap indices also fell 1-2 per cent.

Keep a watch on these stocks on Tuesday: 

Kotak Mahindra Bank - The company has received an intimation from Life Insurance Corporation of India stating that the Reserve Bank of India has granted its approval to UC, for increasing its holding in the Bank up to 9.99 per cent of the paid-up equity share capital of the Bank. The approval is valid for one year. The stock closed 2.38 per cent higher on Monday.

Asian Paints - The company has signed a Memorandum of Understanding with the Government of Gujarat, for commencing the proposed expansion of manufacturing capacity of paint from 130,000 KL to 250,000 KL and resins and emulsions from 32000 MT to 85000 MT to be completed over the next 2 -3 years at a total investment of Rs 960 crore (approximately) on plant and machinery at the current prevailing prices. This expansion will be carried out on the existing land owned by the company.

IndusInd Bank - IndusInd International Holding Ltd, the Hinduja-led promoter entity of private sector lender IndusInd Bank is pulling up its socks for a war chest of more than a billion dollars post regulatory allowance for bank promoters to raise ownership to 26 per cent of total equity. Once operational guidelines are established, the promoters will raise the money in two to three months to enhance their stakes in multiple tranches to 26 per cent. Currently, the promoters own 16.54 per cent of IndusInd Bank and overseas funds collectively own more than 51 per cent.