by Tyler Durden
Tuesday, May 11, 2021 - 07:48 AM
Yesterday was bad, but not too bad, and we titled our morning market wrap Futures Flat As Soaring Commodities Depress Tech Stocks. 24 hours later it s much worse, as the rout that hammered US tech stocks on surging inflation fears (see This Is Not Transitory : Hyperinflation Fears Are Soaring Across America ) has now gone global, with markets in Asia and Europe hammered and S&P futures sliding 0.8%, while Nasdaq futures tumbled by another 1.3% after Monday s 2.6% rout. Treasuries were steady ahead of today s 3Y auction while the dollar erased its gains and dropped to session lows.
Fuel consumption falls in April
May 11, 2021
The diesel consumption fell 7.5 per cent, while petrol by 13 per cent.
The nationwide consumption of diesel, petrol and LPG fell in April 2021 as the second wave of Covid took hold in the country, according to data released from the Petroleum Planning and Analysis Cell on Tuesday.
The diesel consumption fell 7.5 per cent from March 2021 to 6.7 million tonnes, while petrol consumption fell 13 per cent to 2.4 million tonnes. Consumption of LPG similarly fell 6.5 per cent to 2 million tonnes.
Consumption in April 2021 has been higher on a year-on-year basis for petrol, diesel and LPG as the country was under a strict national lockdown during April last year. Comparing April 2021 with April 2019, however, diesel and petrol consumption has slipped 8.8 per cent and 3 per cent, respectively.
Domestic shares end 4-day rally amid weak global cues
The NSE Nifty 50 index fell 0.61% to 14,850.75, while the S&P BSE Sensex slid 0.69% to 49,161.81.
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UPDATED: May 11, 2021 16:40 IST
Shares of lenders accounted for most of the losses on the benchmark Nifty on Tuesday. (Photo: Reuters)
Indian shares snapped a four-session rally on Tuesday as financial and IT stocks slid amid worries that a potential acceleration in U.S. inflation could lead to foreign fund outflows from the region.
The NSE Nifty 50 index fell 0.61% to 14,850.75, while the S&P BSE Sensex slid 0.69% to 49,161.81.
Stock markets in Asia and Europe dropped as US inflation expectations surged to their highest in a decade with the economy reopening from pandemic-driven shutdowns, fanning concerns that interest rate hikes could arrive earlier than expected.
Indian oil refiners cut processing, imports as pandemic reduces demand
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Last Updated: May 11, 2021, 01:12 PM IST
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Synopsis
Indian Oil Corp, the country s biggest refiner, has reduced runs to an average of between 85% and 88% of total processing capacity, a company official said, adding runs could be cut further as some plants are facing problems storing refined oil products.
Agencies
India s top oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the plants, company officials told Reuters on Tuesday.
Indian Oil Corp, the country s biggest refiner, has reduced runs to an average of between 85% and 88% of processing capacity, a company official said, adding runs could be cut further as some plants are facing problems storing refined oil products.
IOC s refineries were operating at about 95 per cent of their capacity in late April.
The top state oil refiners are reducing processing runs and crude imports as the surging COVID-19 pandemic has cut fuel consumption, leading to higher product stockpiles at the plants, company officials told Reuters on Tuesday. Indian Oil Corp, the country s biggest refiner, has reduced runs to an average of between 85 per cent and 88 per cent of processing capacity, a company official said, adding runs could be cut further as its plants at Gujarat, Mathura and Panipat are facing problems storing bitumen and sulphur.
IOC s refineries were operating at about 95 per cent of their capacity in late April. We do not anticipate that our crude processing would be reduced to last year s level of 65 per cent-70 per cent as inter-state vehicle movement is still there . (the) economy is functioning, he said.