The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange extended their losses from the previous session and traded in the red on Wednesday.
At 10.30 a.m., Sensex traded at 60,368 points, down 0.6 per cent from the previous close of 60,75 points. It opened at 60,845 points.
Nifty traded at 18,013 points, down 0.6 per cent from the previous close of 18,113 points. It opened at 18,129 points.
Asian Paints, Ultratech Cement, Adani Ports, Tata Consumers, and Shree Cement were some of the top losers, NSE data showed.
Top gainers during the early trade were ONGC, Coal India, UPL, Tata Steel, and Bajaj Auto.
Equity benchmark Sensex climbed over 135 points in opening trade on Tuesday, tracking gains in index-majors ITC, Tech Mahindra and Bajaj Finserv amid a largely positive trend in the global markets.
Starting on a positive note, the BSE gauge was trading 138.57 points or 0.23 per cent higher at 61,447.48 in early trade. Likewise, the Nifty advanced 35.50 points or 0.19 per cent to 18,343.60.
Sun Pharma was the top gainer in the Sensex pack, rising 1.49 per cent, followed by ITC, Tech Mahindra, Bajaj Finserv, Bajaj Finance, PowerGrid and Axis Bank.
On the other hand, UltraTech Cement, Maruti, Tata Steel, Asian Paints and HDFC were among the laggards.
In the previous session, the 30-share BSE Sensex ended 85.88 points or 0.14 per cent higher at 61,308.91. The broader NSE Nifty rose by 52.35 points or 0.29 per cent to 18,308.10.
Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading with gains in mid-session deals, while Seoul was in the red.
Stock exchanges in the US ended on a mixed note in the overnight session.
Meanwhile, international oil benchmark Brent crude rose 1.20 per cent to USD 87.52 per barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 855.47 crore on Monday, according to stock exchange data.
If the government does not prohibit Indians from dealing in cryptocurrencies, it could introduce a regressive tax regime for cryptocurrencies, according to Taxmann.
Taxmann said in a note that a Bill was expected to be presented during the Winter Session of Parliament to regulate cryptocurrencies. However, it was not introduced, and it is now expected that the government may take up this Bill in the upcoming Budget Session.
Considering the size of the market, the amount involved, and the risk coupled with cryptocurrencies, some changes may be brought the taxation of cryptocurrencies in the Union Budget 2022-23, Taxmann said.
Among the TDS/TCS provisions, both the sale and purchase of cryptocurrencies above the threshold limit should be brought within the ambit of TDS/TCS provisions. This will help the government get the footprints of the investors, Taxmann said.
It could lead to reporting in Statement of Financial Transactions (SFT). Both sale and purchase of cryptocurrencies could be brought within the ambit of reporting in the SFT. The trading companies already do similar reporting of sale and purchase of shares and units of mutual funds.
It could also lead to higher tax rates. Similar to winnings from the lottery, game shows, puzzles etc., a higher tax rate of 30 percent is expected to be levied on the income arising from the sale of cryptocurrency.
The losses from the sale of cryptocurrency may not be allowed to be adjusted from other income and should also not be allowed to be carried forward, Taxmann said.
Among other measures, as per the provisions of Section 201(1A) of the Income Tax Act, in case of failure to deduct TDS, interest is to be paid at the rate of 1.5 percent from the date of deduction to the date of payment. Any part of the month shall be considered as one full month. So, the understanding should be that if TDS is deducted on April 23, 2017 and payment is made on May 8, 2017, interest should be paid for one month.
However, the I-T Department calculates interest for two months because it considers April and May as two separate calendar months. So, the scenario is that even if the TDS is late by one day, interest is calculated for two months which seems to be absurd, Taxmann said.
The Income Tax Appellate Tribunal (ITAT) in the case of Bank of Baroda vs DCIT  also held that interest was to be levied only for the actual period of delay, i.e., from the date on which tax was deducted and till the date on which tax was deposited. If such a period exceeds one month, then the full month's interest is leviable.
Equity benchmark Sensex climbed over 120 points in opening trade on Monday, tracking gains in index-heavyweights ICICI Bank, HDFC twins and Infosys amid mixed cues from the Asian markets.
Starting on a positive note, the BSE gauge was trading 122.58 points or 0.20 per cent higher at 61,345.61 in early trade. Likewise, the Nifty advanced 37.65 points or 0.21 per cent to 18,293.40.
Maruti was the top gainer in the Sensex pack, rising 1.62 per cent, followed by SBI, M&M, ICICI Bank, Bajaj Finserv, HDFC, Infosys and HDFC Bank.
On the other hand, HCL Tech, UltraTech Cement, Tech Mahindra, Titan and Wipro were among the laggards.
In the previous session, the 30-share BSE index ended 12.27 points or 0.02 per cent lower at 61,223.03. Similarly, the NSE Nifty slipped 2.05 points or 0.01 per cent to 18,255.75.
Elsewhere in Asia, bourses in Shanghai and Tokyo were trading with gains in mid-session deals, while Hong Kong and Seoul were in the red.
Stock exchanges in the US ended on a mixed note on Friday.
Meanwhile, international oil benchmark Brent crude rose 0.08 per cent to USD 86.13 per barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,598.20 crore on Friday, according to stock exchange data.
A slew of Indian startups on Sunday hailed Prime Minister's National Startup Day initiative, saying that the commemoration will not only encourage the country's innovators and young entrepreneurs but also help boost global investors' confidence in their contribution to economic growth.
In a virtual meeting with over 160 leading startups on Saturday, Modi said that like small businesses, which are the spine of India's economy, startups are turning out to be the game-changers.
"We have played a small role in inspiring new-age founders to think beyond existing categories and take up challenges that solve real social problems, even if it requires creating a new category altogether. 'Businesses with a cause' is critical to continue writing the great Indian startup story," Chitresh Sharma, CEO and Co-founder of fintech platform Refyne, told IANS.
"Indian startups have been on a rapid growth trajectory and will continue to gain investor confidence across the globe as is visible in the influx of investments seen lately," Sharma added.
India produced 46 unicorns (companies with over $1 billion valuations) in 2021.
Harvard University professor Viney Sawhney, an expert in private equity, venture capital (VC) and investment banking, described the Indian venture capital (VC) scene as stunning.
"India is not new territory for the US-based VC investors. The country has seen a dramatic escalation in dollar terms that has been invested in the last year-and-a-half. The growth doubled as far as unicorn count is concerned and that I think has spurred and attracted a lot of attention here in the US," he said on Saturday during a fireside chat organised by Agility Ventures, one of the leading angel investors networks in the country.
Professor Sawhney informed that India had surpassed a record level of investments in the year 2021, touching an all-time high of almost about $42 billion.
"India deserves to get a lot more than $42-billion in the VC space. The potential for India is simply stunning and we have not even scratched the surface as yet of what is yet to come," he noted.
Agility Ventures said it has received approvals from the Securities and Exchange Board of India (SEBI) for an angel fund with a total corpus Rs 450 crore ($60 million).
Nirmit Parikh, CEO and Founder of leading jobs and professional networking platform apna.co, said that the entire nation is celebrating the innovations brought by startups.
"We are certain that India will become the innovation capital of the world in the next few years," he told IANS.
Sachin Chopra, Co-Founder and CEO of lifestyle and sustainable mobility brand, Ninety One, said that the move will help emerging entrepreneurs in the digital space, e-commerce and innovative business ideas across sectors.
According to Shruti Aggarwal, Co-founder of fintech platform Stashfin, the National Startup Day is a testimony of the government's focus on supporting the startup ecosystem.
"2022 is going to be a golden year for unicorns and we hope to create 100 plus more unicorns this year. This decade is pegged to be 'techade' as well as 'Fintechade' and we must celebrate the achievements and power of the new-age startups," she said.
Eight of the 10 most valued companies together added a whopping Rs 2,34,161.58 crore in market valuation last week, with RIL, Infosys and TCS emerging as the lead gainers.
The 30-share BSE benchmark Sensex last week zoomed 1,478.38 points or 2.47 per cent.
The market valuation of Reliance Industries Limited (RIL) jumped Rs 69,503.71 crore to reach Rs 17,17,265.94 crore.
Infosys added Rs 48,385.63 crore, taking its valuation to Rs 8,10,927.25 crore.
The market valuation of Tata Consultancy Services (TCS) zoomed Rs 42,317.15 crore to Rs 14,68,245.97 crore.
HDFC's valuation surged Rs 21,125.41 crore to Rs 4,91,426.13 crore and that of ICICI Bank gained Rs 18,650.77 crore to reach Rs 5,69,511.37 crore.
The market capitalisation (m-cap) of State Bank of India (SBI) advanced by Rs 15,127.22 crore to Rs 4,53,593.38 crore and that of Bajaj Finance rallied by Rs 10,291.28 crore to Rs 4,72,686.80 crore.
Bharti Airtel's valuation jumped Rs 8,760.41 crore to stand at Rs 3,95,810.41 crore.
In contrast, the valuation of Hindustan Unilever Limited (HUL) declined by Rs 12,217.88 crore to Rs 5,55,560.85 crore.
HDFC Bank's valuation dipped by Rs 2,854.33 crore to Rs 8,56,439.28 crore.
In the ranking of top-10 firms, Reliance Industries Limited was leading the chart, followed by Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank, Hindustan Unilever Limited, HDFC, Bajaj Finance, State Bank of India and Bharti Airtel.
The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange declined in early trade on Friday.
Notably, indices had been gaining for the past five trading sessions.
At 10.28 a.m., Sensex traded at 60,986 points, down 0.4 per cent from the previous close of 61,235 points. It opened at 61,040 points.
Nifty traded at 18,192 points, down 0.4 per cent from the previous close of 18,257 points. It opened at 18,185 points.
Aurobindo Pharma, HCL Technologies, Axis Bank, Adani Transmission, and Asian Paints were some of the top losers, NSE data showed.
Top gainers during the early trade were Tata Consumers, IOCL, ACC, Ambuja Cements, and Bosch.
The Paytm stock has made a new low on Thursday as it fell further to Rs 1,054 on the BSE.
The stock was down 2.58 per cent in trade and has continued its losing spree after a recent downgrade by Macquarie.
Foreign brokerage Macquarie said on Monday there are no signs of headwinds abating at Paytm as it slashed the target price to Rs 900.
One 97 Communications or Paytm stock was down almost 5.95 per cent on Monday at Rs 1,158.
Since November 18, 2021, Paytm's stock price has fallen 40 per cent vs. Sensex's flat performance, Macquarie said.
Post the various business updates and results, Macquarie said, "The revenue projections, particularly on the distribution side, is at risk and hence we pare down our revenue CAGR from 26 per cent to 23 per cent for FY21-26E. We are roughly cutting revenue estimates for FY21-26E on an average of 10 per cent every year due to lower distribution and commerce/cloud revenues offset partially by higher payment revenues.
"We cut our earnings (increase our loss projections) by 16-27 per cent for FY22-25E owing to lower revenues and higher employee and software expenses. We cut our TP sharply by 25 per cent owing to a lower target multiple of 11.5x (Price to Sales ratio) (from 13.5x earlier) and lower sales numbers.
Equity benchmark Sensex climbed nearly 100 points in opening trade on Thursday, tracking gains in index-heavyweights Infosys, TCS and Maruti.
Encouraging earnings reports by software majors TCS and Infosys supported the domestic equities. However, weak macroeconomic data restricted the appreciating bias to some extent, traders said.
The BSE index, while battling heavy volatility in early trade, was trading 99.04 points or 0.16 per cent higher at 61,249.08. Likewise, the Nifty advanced 35.50 points or 0.19 per cent to 18,247.85.
PowerGrid was the top gainer in the Sensex pack, rising over 2 per cent, followed by Tata Steel, TCS, Infosys, Maruti and Sun Pharma.
On the other hand, Wipro, HDFC Bank, M&M, and ICICI Bank were among the laggards.
In the previous session, the 30-share Sensex settled 533.15 points or 0.88 per cent higher at 61,150.04. Similarly, the NSE benchmark Nifty climbed 156.60 points or 0.87 per cent to end at 18,212.35.
The country's largest software exporter TCS on Wednesday reported a 12.2 per cent jump in December quarter net profit at Rs 9,769 crore, while Infosys registered a near 12 per cent rise in its net profit at Rs 5,809 crore.
Meanwhile, Wipro posted a consolidated net profit of Rs 2,969 crore for the December 2021 quarter, almost flat compared to the year-ago period.
On the domestic macroeconomic front, the Index of Industrial Production (IIP) grew by 1.4 per cent in November, as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown.
Meanwhile, rising prices of essential kitchen items pushed the retail inflation to a six-month high of 5.59 per cent in December, close to the Reserve Bank's upper tolerance limit of 6 per cent.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Seoul were trading with losses in mid-session deals, while Hong Kong was in the positive territory.
Stock exchanges in the US ended with gains in the overnight session.
Meanwhile, international oil benchmark Brent crude fell 0.21 per cent to USD 84.89 per barrel.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,001.57 crore on Wednesday, according to stock exchange data.
The BSE Sensex zoomed nearly 400 points to reclaim the key 61,000-level in opening deals on Wednesday, buoyed by expectations of a good quarterly earnings season.
Starting off on a positive note, the BSE gauge was trading 397.48 points or 0.66 per cent higher at 61,014.37 in opening trade.
Similarly, the NSE benchmark Nifty rose 96.50 points or 0.53 per cent to trade at 18,152.25 in early session.
On the Sensex chart, UltraTech Cement, RIL, IndusInd Bank, Bharti Airtel, Kotak Bank and Tata Steel were among the major gainers.
In contrast, TCS, Dr Reddy's, Titan, Maruti and Wipro were among the major laggards.
In the previous session, the 30-share benchmark ended 221.26 points or 0.37 per cent higher at 60,616.89 and the NSE Nifty gained 52.45 points or 0.29 per cent to finish at 18,055.75.
"The short-term momentum reflects that the market is in complete control of the bulls. The expected good results from the three IT majors today are likely to impart resilience to the market," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Results from the leading banks, starting Saturday, also will be good thanks to declining provisioning and rising net interest margins, he added.
Elsewhere in Asia, markets were trading in the green following higher closing at Wall Street.
Foreign institutional investors (FIIs) were net buyers in the capital market, as they bought shares worth Rs 111.91 crore on Tuesday, according to stock exchange data.
Barclays can enforce a $131 million judgment to recover unpaid bills from embattled NMC Health founder B.R. Shetty following the failure of a foreign exchange venture, a British judge has ruled, The National reported.
The UK-based international bank had sought to claw back its losses after the businessman's Abu Dhabi-based UAE Exchange Centre (UAEEC) reneged on a currency-swap agreement in March 2020 with his empire on the brink of collapse.
Barclays gave UAEEC more than $129 million in less than a week, but never received the expected currencies in exchange as share trading in parent company Finablr was suspended on the London Stock Exchange amid a massive accounting scandal, the report said.
A court in Dubai ruled in favour of the bank in April last year, prompting Barclays to go to the High Court in London to enforce the ruling and tap the cricket lover's frozen assets around the world, the report added.
They include his only known English asset, a $5.4 million penthouse close to the Lord's cricket ground in north-west London. The flat is owned by Shetty through a British Virgin Islands company, Multi Skies Ltd, according to land registry documents.
The Indian-born businessman -- who signed a guarantee in 2015 to pay off any debts to Barclays incurred by the UAE Exchange Centre -- had tried to delay the ruling, claiming that the bank was responsible for misconduct and had connived with fraudsters to rip off his company.
Shetty -- who claims to be 'financially paralysed' because of a series of freezing orders imposed by courts in the UK and India -- said he would continue his legal battle, the report added.
The 79-year-old further claimed that he was 'stranded in Mangalore' after being turned back by Indian border officials when he tried to return to the UAE in November 2020, according to the judgment.
A spokeswoman for his legal team said: "Shetty shall be appealing against this judgment".