Midcaps Outperform Large Cap Counterparts on D-Street
Analysts say metals stocks have more steam
Crypto Bettors Defend Against WazirX After Technical Issue
Dogecoin enters drop after Musk’s Saturday night show

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

The trade setup on Dalal Street looked strong as Nifty futures on the Singapore Stock Exchange traded with solid gains earlier in the day. Equities in other Asian markets rose as well, as weak US employment data reinforced the case for the continuation of the recovery. US stocks closed at record highs on Friday. The dollar suffered losses after falling on Friday, while the pound emerged among the best in the Group of 10 currencies. Crude oil prices rose this morning. WTI crude traded about 1% higher at $ 65.54 a barrel. Gold also gained to trade at $ 1,831.80 an ounce.

That said, here’s what’s in the news.

Midcaps are now starting to move past the front lines as investors buy up “bottom-up” investment ideas that are not inextricably linked to the pace – and shape – of macroeconomic recovery. The market value of the Nifty Midcap 100 index has increased by 26% since the start of the year to Rs 25.62 lakh crore even as Nifty50 has increased by 7%. The previous peak of Nifty100 Midcap was Rs 23 lakh crore in January 2018.

Dogecoin lost more than a third of its price on Sunday, after Tesla chief and cryptocurrency proponent Elon Musk called it a “ scramble ” during his place as guest host here in the “Saturday Night Live” comedy television show. Cryptocurrency enthusiasts had been eager to see what he said for days, after his tweets this year turned the once obscure digital currency, which started out as a joke on social media, into a speculator’s dream. .

Indian crypto bettors are jumping against WazirX after the exchange developed a tech snag over the weekend. As of Saturday morning, many traders have been unable to place bets on India’s largest cryptocurrency exchange as they were unable to transfer funds to the exchange. Annoyed punters have taken to social media to let off steam. The exchange said the delay in accepting the funds was due to a “network problem on the side of its banking partner.” WazirX promised that money debited from traders’ accounts will be credited as soon as possible. The exchange assured crypto traders that their “funds are safe.”

Ferrous stocks like Tata Steel, JSW Steel and SAIL and non-ferrous like Hindalco and Vedanta could rally another 6-18% by the end of the month, although they are up 76% to 148% from their pre-budget levels until May 7. Analysts at Motilal Oswal Financial Services and IndiaCharts expect momentum to continue for at least another month before consolidation sets in and momentum picks up.

Sales by foreign portfolio investors on the domestic stock market in April were to some extent dampened by purchases from mutual funds. This made April the second consecutive month of net buying by domestic equity fund managers, who see long-term opportunities in the market. In addition, a growing number of FinTech companies are bringing in new MF investors, which is driving market entry.

Finally, copper hit a record high last week, continuing a meteoric rally that saw prices double last year. The previous copper record was set in 2011, around the peak of the commodities super-cycle triggered by China’s rise to economic heavyweight status – fueled by massive amounts of commodities. This time around, investors are betting that copper’s vital role in the world’s shift to green energy will translate into growing demand and even higher prices. Copper futures reached $ 10,440 in London on Friday.

NOW Before you go, here’s a look at the actions buzzing this morning …

The strong recovery of Avenue Supermarts in the March quarter could lose momentum in the near term due to the second wave of Covid, analysts believe.

IDFC First Bank is focused on home loans and is looking to make the best use of its high level of Casa deposits and the proceeds from last year’s two fundraisers to build a portfolio that is expected to represent 40% of its loan portfolio.

IDBI Bank relaunched the sale of its asset management company IDBI Mutual Fund. The bank expects around Rs 200 crore from the sale which could help it improve its capital position.

Hero MotoCorp has extended the shutdown of its manufacturing facilities, global parts center and R&D facility for a week until May 16 due to the rapid spread of Covid.

Also check out over two dozen stock recommendations for today’s trading from top analysts on ETMarkets.com.

That’s all for the moment. Stay with us for all the market news throughout the day. Good investment!