Sensex, Nifty and Bank Nifty are all bullish today!

• BSE Sensex is up by 696.81 points (+1.22%), a closing price of 57,989.30.

• Nifty 50 rose by almost 197.9 points (+1.16%), closing price landed at 17,315.50. 

• Bank Nifty gets a boost of 330.05 points (+0.92%), closing price at 36,348.55.

Except for Nifty FMCG, Pharma and Realty, all the sectoral indices are bullish today with Nifty Auto, IT, Oil & gas rising between 0.75 - 1.96% today. 

BSE midcap and smallcap indices gained 0.17% and 0.15% each.

Top Stocks On Encome.io Dashboard:

News Wrap:

Big News:

Government’s Plan To Tax Cryptocurrency Transactions

The Indian ministry of finance responded to queries about how cryptocurrency transactions will be taxed in the future. The Financial Bill 2022 proposes to amend section 115BBH to the Income Tax Act 1961 to provide for the taxation of income from transfers of virtual digital assets.

 In parliament, India's finance minister revealed how the government intends to tax cryptocurrency transactions. Gains from crypto transactions would be taxed at 30%, but losses will not be deducted, according to a proposed new part of the Income Tax Act. Pankaj Chaudary, the minister of state in the ministry of finance mentioned: “The bill also proposes to define VDA. If any asset falls within the proposed definition, such virtual asset will be considered as VDA for the purposes of the Act and other provisions of the Act will apply accordingly.”

IPO Alert:

3 More Companies Receives Green Signal From SEBI For IPO Launch

Securities and Exchange Board of India has given three more companies their approval to launch their IPO this year. Sresta Natural Bioproducts Ltd, Maini Precision Products Ltd and Campus Activewear Ltd are to launch their initial public offerings soon.

Organic food products company Sresta Natural Bioproducts filed their draft papers with SEBI this January. Whereas, Maini precision the company that is into process design, engineering, testing and manufacturing filed its papers in December 2021. Lastly, Sports and athleisure footwear company Campus Activewear too filed their documents in December ‘21.

More to know:

• Tata Motors, the world's largest automaker, is planning a price increase for its commercial vehicle lineup.

•  Vedanta Aluminium Business, India's largest aluminium manufacturer, has recycled 14 billion litres of water in FY 21-22, utilising modern technology for targeted control and monitoring of water use.

• Infosys, a leading IT business, has announced a definite deal to buy oddity, a digital marketing, experience, and commerce agency located in Germany, for 50 million euros.

• On Tuesday, Vedanta Ltd's shares hit a fresh 52-week high of $416 per share on the NSE.

• Paytm's stock has lost roughly 75% of its value from its initial public offering (IPO) price of Rs 2,150.