Hi there, Good Morning. Welcome to ETMarkets Morning podcast, the show about money, business and markets. I am Sabari Saran. Let’s start with the headlines first
Bond yields signalling boom time
Eicher sales growing, but stock has limited upside for now
ABB stock breaks 13-year consolidation range
Crypto traders see ray of hope in HDFC Bank report
Now lemme give you a quick glance on the state of the markets.
Dalal Street looked set for a gap-up start as Nifty futures on the Singapore Exchange traded some 50 points up at 7 am (IST). Among other Asian markets, shares fluctuated in Japan, South Korea and Australia. US stock markets were closed on Monday for an official holiday.
Elsewhere, the dollar weakened and then recouped some ground. Unusually quiet cryptocurrencies showed some signs of volatility in holiday-stricken trading with bitcoin rising 4% to $37,000 while its smaller rival Ethereum climbed 8% to $2,578. Oil climbed as Opec and its allies forecast that inventories will fall sharply this year..
That said, here’s what is making news?
In what is being seen as a ray of hope for cryptocurrency in India, the in-house economic research team at HDFC Bank, India’s largest private lender, in a report said it “thinks it is just a matter of time before Indian investors have legal access to crypto plays.” That’s when HDFC Bank has been busy clamping down on cryptocurrency transactions. The researchers said Bitcoin, like gold, can evolve into a major asset class. “Interestingly, we find a positive correlation between gold and Bitcoin’s