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

ED stand hits crypto·world at its core
FIIs turn gung ho on IT stocks·
Broking stocks on a high on surge in demat a/cs
HDFC Bank numbers depress bank earnings outlook

Now lemme give you a quick glance on the state of the markets.

Dalal Street looked headed for a major downturn this morning. Nifty futures on the Singapore Exchange traded some 166 points down at 7 hours (IST). Other Asian markets also fell in early trade amid concerns over elevated inflation.

Elsewhere, the rally in Treasuries continued, sending 10-year yields further down to 1.26%.The dollar traded steady as was the pound. Oil slipped after the OPEC+ grouping agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.

That said, here’s what is making news?

The Enforcement Directorate has taken a stand on cryptocurrencies that can unsettle crypto trading and all the bourses in India. The agency, in its recent notice to WazirX, has asked the country’s largest crypto exchange to explain why ‘withdrawal from crypto wallets’ is not a violation of the FEMA, a person familiar with the issue told ET. The ED notice puts a question mark on the very essence of cryptos and fundamental structure of the underlying digital ledger, blockchain, that allow holders of cryptos to freely transfer coins from their wallets to another wallet and to anyone, anywhere in the