Weekly Market Review 13-01-2024
Hyderabad (NVS): With the lightening strike on Houti by the US in response to the bombing of US Navy ship by Houti, has aggravated the situation in the middle east, the World War III seems to be knocking the doors of all countries in the world. The imports in India have obviously been affected adversely following such an explosive situation. Therefore, in the near future, an all round price rise in petroleum and petroleum products besides certain vital chemicals and engineering goods cannot be ruled out.
New York gold closed at US $ 2,048.92 (per Ounce) while silver closed at $ 23.187 (per Ounce). Platinum and Palladium closed at $ 909.21 (per Ounce) and $ 974.15 (per Ounce) respectively.
Other economic parameters remained strong. Brent closed at US $ 78.29 (per barrel) while Crude MCX oil was quoted at Rs.6,045 (per barrel). While Gold MCX stood at Rs.62,390 (per 10 gms), MCX Silver closed at Rs.72,573 (per kg), Copper MCX closed at Rs.712.70 (per kg). Sensex and Nifty 50 closed at 72,568.45 and 21,894.55 points. Leading foreign currencies exchange rates were, US $: Rs.82.87, British Pound: Rs.105.63, Euro: Rs.90.87, Singapore $: Rs.62.18, Swiss Franc: Rs.97.19, Australian $: Rs.55.40, Saudi Riyal: Rs.22.10, New Zealand Dollar: Rs.51.72, Kuwaiti Dinar: Rs.270.26, Omani Rial: Rs.215.83 and UAE Dirham: Rs.22.56, Japanese Yen: Rs.0.57, Canadian $ Rs.61.76, Hong Kong Dollar: Rs.10.60.
In local markets, standard gold (24 carats) depreciated by Rs.10 and closed at Rs.63,270 (per 10 gms). Ornamental gold was quoted in the range of Rs.57,900 – 58,000 on the closing day. Silver (0.999) too remained steady at Rs.78,000 (per kg).
COMMODITIES
The sentiment in principal wholesale commodity markets in twin cities remained moderate. Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar experienced moderate trading.
During the week, common pulses such as tuar dal, masoor dal, moong dal and urad dal and commodities like chillies and garlic remained unchanged at their respective last week’s closing levels, while staple food-grains and common edible recorded a marginal decline.
Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables rose further by 15% to 20%.
The NECC wholesale egg-price in Hyderabad further depreciated by Rs.20 and closed at Rs.540 (per 100). The highest price of Rs.650 was recorded at Lucknow while Namakkal recorded the lowest of Rs.515. EOM