WEEKLY MARKET REVIEW 17-12-2023

Hyderabad (NVS) : With a new war – theatre opening in middle east, the possibility of further spreading of war has increased in a worrying proportion. The increased political volatility has sent shivers in global markets.

Consequently, New York gold closed at US $ 2,019.91 (per Ounce) while silver closed at $ 23.88 (per Ounce). Platinum and Palladium closed at $ 944.80 (per Ounce) and $ 1,195.50 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 76.55 (per barrel) while Crude MCX oil was quoted at Rs.5,953 (per barrel). While Gold MCX stood at Rs.62,077 (per 10 gms), MCX Silver closed at Rs.74,415 (per kg), Copper MCX closed at Rs.725.65 (per kg). Sensex and Nifty 50 closed at 71,483.75 and 21,456.65 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.04, British Pound: Rs.105.37, Euro: Rs.91.04, Singapore $: Rs.62.39, Swiss Franc: Rs.95.56, Australian $: Rs.55.75, Saudi Riyal: Rs.22.14, New Zealand Dollar: Rs.51.54, Kuwaiti Dinar: Rs.269.11, Omani Rial: Rs.214.81, UAE Dirham: Rs.22.61, Japanese Yen: Rs.0.58, and Hong Kong Dollar: Rs.10.64.

In local markets, standard gold (24 carats) depreciated by Rs.200 and closed at Rs.62,150 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.57,200 – 57,300 on the closing day. Silver (0.999) appreciated by Rs.1,700 and closed at Rs. 79,700 (per kg).

COMMODITIES

Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded 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 oil remained steady.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables declined marginally.

The NECC wholesale egg-price in Hyderabad further appreciated by Rs.29 and closed at Rs.569 (per 100). Namakkal recorded the lowest price of Rs.550 while highest price of Rs.650 was recorded at Patna, Muzaffarpur, Lucknow and Varanasi.