Good Morning.

Crypto carnage triggers outage on domestic bourses
Indian crypto investors make a killing on price arbitrage
Top bank stocks seen as biggest beneficiaries as Covid wave peaks
Analysts say Axis Bank OFS can be a good deal for retail investors

Hi there. Welcome to ETMarkets Morning, the show about money, business and markets. I am Sandeep Singh. Let’s start with a quick glance on the state of the markets.

Dalal Street looked indecisive this morning. Nifty futures on the Singapore Exchange traded mildly higher ahead of the opening of Indian markets. In the rest of Asia, equity benchmarks fluctuated in Japan and Australia, and fell in South Korea. Overnight on Wall Street, the main indices closed lower after Federal Reserve minutes showed participants agreed the US economy remained far from the central bank’s goals. The Dow Jones industrial average fell half a per cent, the S&P 500 0.29% and the Nasdaq Composite 0.03%.

In currencies, the dollar held an advance.

Strong volatility swept over cryptocurrencies overnight, with Bitcoin posting a same-day plunge and rally of about 30%. It last traded at $35,500. Ether sank more than 40% before cutting that nearly in half. Dogecoin lost 45 per cent, before paring some losses.

Crude oil prices stabilised after slumping to the lowest in three weeks. WTI crude traded steady at $63.37 a barrel after falling 3.3%.

That said, here’s what else is making news.

Users of India’s largest cryptocurrency exchanges, WazirX and CoinDCX, had a tough time on Wednesday due to outages as Bitcoin plunged more than 30%,