Weekly market review

Hyderabad (NVS): The battle of supremacy between Russia and Ukraine has indeed, reached the final stage. Therefore, it is being fought fiercely from both sides. Apart from NATO countries, China, North Korea and middle east countries too, have been showing keen interest in the world war like situation. Consequently, global markets remained uncertain during the week ended Saturday.

The New York gold closed at US $ 1,889.50 (per Ounce) while silver closed at $ 22.76 (per Ounce). Platinum and Palladium closed at $ 913 (per Ounce) and $ 1,228 (per Ounce) respectively.

Other economic parameters remained from moderate to strong. Brent closed at US $84.40 (per barrel) while Crude MCX oil was quoted at Rs.6,781 (per barrel). While Gold MCX stood at Rs.58,378 (per 10 gms), MCX Silver closed at Rs.70,246 (per kg), Copper MCX closed at Rs.725.60 (per kg). Sensex and Nifty 50 closed at 64,948.66 and 19,310.15 points. Leading foreign currencies’ exchange rates were, US $:Rs.83.16, British Pound: Rs.105.89, Euro: Rs.90.57, Singapore $: Rs.61.21, Swiss Franc: Rs.94.28, Australian $: Rs.53.03, Saudi Riyal: Rs.22.17, New Zealand Dollar:Rs.49.25, Kuwaiti Dinar: Rs.270.98, Omani Rial: Rs.216.76, and UAE Dirham: Rs.22.64, Japanese Yen: Rs.0.57, Canadian $ Rs.61.29 and Hong Kong Dollar: Rs.10.62.

In local market sentiment remained upbeat. Standard gold (24 carats) further declined by Rs.600 and closed at Rs.59,020 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.54,000 – 54,100 on the closing day. Silver (0.999) appreciated by Rs.300 and closed at Rs.76,500 (per kg).

COMMODITIES

With the lull in rains, Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recoded moderate trade volumes.

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 oils recorded brisk trading. The much focused tomato further declined by Rs.10 and closed in the range of Rs.40-50 (Per kg). With the increased supply position, the price of tomato is likely to dip further in the near future.

The NECC wholesale egg-price in Hyderabad declined by Rs.25 and closed at Rs.410 (per 100) which was the lowest price as well, while the highest price of Rs.530 was recorded at Kolkata.