Many real estate deals were renegotiated or cancelled when the world was placed on hold due to the coronavirus pandemic. CNBC's Robert Frank reports the numbers.

A day after reopening the liquor shops, Andhra Pradesh government on Tuesday increased alcohol prices by 50 per cent. The government said the move was aimed at discouraging liquor consumption. The shops had reopened on Monday with a hike of 25 per cent in liquor prices.

A day after reopening the #liquorshops, #AndhraPradesh government on Tuesday increased alcohol prices by 50 per cent.

The government said the move was aimed at discouraging liquor consumption. The shops had reopened on Monday with a hike of 25 per cent in liquor prices. pic.twitter.com/u3cb6rO5f6

— IANS Tweets (@ians_india) May 5, 2020

However, the hike failed to deter the tipplers, who gathered in large numbers at the shops across the state, flouting the social distancing norm to check the spread of COVID-19. As the scenes of long queues and chaos raised fears of further spike in the number of corona cases in the state and the government came under criticism for encouraging liquor sale during a pandemic, it hiked the prices by 50 per cent on Tuesday.

Officials said the new prices will come into force with immediate effect. However, shops will open only after the issue of formal orders and the new prices are updated online. There was utter confusion on Monday when the shops reopened for the first time after the lockdown began as the prices following 25 per cent hike were not updated online.

The government claimed that another 50 per cent hike has been taken as further step towards discouraging alcohol consumption. With the latest hike the prices have increased by 75 per cent in two days. Officials said the latest decision was taken to discourage liquor consumption in view of the conditions that prevailed on Monday.

The YSR Congress Party (YSRCP) government said the number of liquor shops would be further reduced by 15 per cent by the end of this month. The YSRCP, which had promised total prohibition, started phase-wise implementation after coming to power in May last year.

As a first major step towards prohibition in October last year, the Jagan Mohan Reddy government took over the state. The state-owned Andhra Pradesh Beverages Corporation Limited (APBCL) took control of the liquor shops from private contractors after reducing the number of outlets to 3,500 from 4,380 earlier.

In December, the government had claimed that as a result of its steps the liquor consumption came down in the state.e retail liquor business and increased the price to discourage consumption.

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Equity benchmark indices slipped by 2.7 per cent during early hours on Tuesday in line with Asian peers after US oil prices slipped below zero dollar a barrel in overnight trade.

US crude futures turned negative for the first time in history following a collapse in oil demand as the coronavirus pandemic derails the global economy.

At 10:15 am, the BSE S&P Sensex was down by 870 points or 2.75 per cent at 30,778 while the Nifty 50 edged lower by 248 points or 2.69 per cent at 9,013.

Except for Nifty pharma and FMCG, all sectoral indices at the National Stock Exchange were in the red with Nifty metal down by 5.2 per cent, auto by 5.1 per cent and private bank by 4.3 per cent.

Among stocks, index heavyweight Reliance Industries fell by 3.93 per cent to Rs 1,195.60 per share. Metal majors Hindalco dropped by 8.9 per cent at Rs 106.10 per share while Tata Steel lost by 7.1 per cent and Vedanta by 6.6 per cent.

Auto major Maruti skidded by 6.8 per cent to Rs 4,964.70 per share and Tata Motors by 5.2 per cent.

Private lenders IndusInd Bank, Axis Bank and ICICI Bank dipped by 6.7 per cent, 6.1 per cent and 5.8 per cent respectively.

However, those which gained were Dr Reddy, Cipla, Nestle India, Hindustan Lever and ITC.

Meanwhile, Asia shares were in the negative zone after an overnight tumble at Wall Street with US crude futures turned negative for the first time in history. However, it bounced back into positive territory this morning.

MSCI's broadest index of Asia Pacific shares outside Japan fell half a per cent. Japan's Nikkei fell by 2.26 per cent while Hong Kong's Hang Seng lost by 2.38 per cent and South Korea's Kospi slipped by 1.67 per cent.

Overnight stateside, the Dow Jones Industrial Average closed 592 points lower at 23,650, the S&P 500 slipped by 1.8 per cent to end its trading day at 2,823 and the Nasdaq Composite pulled back 1 per cent to close at 8,561.

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Oil is doing something that is even making Market veterans shake their heads in wonder. After shedding more than 300 per cent or $56 a barrel in one single day on Monday, the West Texas Intermediate (WTI) crude for May delivery gained some ground early on Tuesday, recovering 103 per cent to come back in the positive zone at $1.35 a barrel.

But analysts expect that bloodbath in US oil market may continue well into Tuesday when May future contracts are expiring and traders still left with long positions facing actual delivery of oil may look to liquidate their stock even if they have to pay to do this. In simple terms this means that traders do not want to store crude by taking actual delivery for May and incur cost while not finding any buyers in the absence of demand that has also shrunk sharply by more than a third in Covid-19 pandemic.

"We could again see price of oil in US going into the negative zone on Tuesday. But this could be a lot less sharper than what was witnessed on Monday," said an oil sector analyst asking not to be named.

He said that lower oil prices bore good for India but how much oil companies can gain from US fall is uncertain as the Indian oil companies are not very active in the US markets and trade very small quantities in the spot market. Still some of this oil could be contracted if freight arrangements are worked out on time.

While US oil has shown significant fall, Brent has maintained a fairly steady path. The benchmark Brent oil is still hovering at $ 25 a barrel. The US WTI for June delivery is still keeping its heads up at over $ 20 a barrel. But it would be seen if Covid-19 situation improves in coming days and demand picks up. Otherwise, June oil futures can go the May way.

The decline of oil prices comes despite the recent output cut agreement between the Organisation of the Petroleum Exporting Countries (OPEC) and its allies.

There were hopes that agreement would stabilise oil prices, but with the Covid-19 pandemic continuing, there has been a large slip in demand that is not letting a pick-up in oil prices.

The current market is oversupplied on shrinking demand, creating a situation of free fall for crude.

The price of oil has now reached a point that it is increasingly becoming difficult for higher cost producers to remain in operation and rather look at declaring bankruptcy.

A lot of US shale producers are in deep trouble and analysts expect that low oil price for few more months will result in a spate of bankruptcies in the US.

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