Weekly Market Review

Hyderabad (NVS): Amidst, multidimensional efforts in the United Nations to find a amicable solution to the ongoing war between Israel and Hamas, the Geo-Political situation remained tense. The majot global markets though optimistic about the UN efforts to bring peace, have taken a cautious stand. Therefore, the global economic scenario remained far from normal during the week ended Saturday.

New York gold closed at US $ 2,052.99 (per Ounce) while silver closed at $ 24.18 (per Ounce). Platinum and Palladium closed at $ 972 (per Ounce) and $ 1207 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 79.07 (per barrel) while Crude MCX oil was quoted at Rs.6,164 (per barrel). While Gold MCX stood at Rs.62,972 (per 10 gms), MCX Silver closed at Rs.75,448 (per kg), Copper MCX closed at Rs.725.00 (per kg). Sensex and Nifty 50 closed at 71,106.96 and 21,349.40 points. Leading foreign currencies exchange rates were, US $: Rs.83.34, British Pound: Rs.105.83, Euro: Rs.91.90, Singapore $: Rs.62.91, Swiss Franc: Rs.97.37, Australian $: Rs.56.68, Saudi Riyal: Rs.22.22, New Zealand Dollar: Rs.52.46, Kuwaiti Dinar: Rs.271.32, Omani Rial: Rs.216.48 and UAE Dirham: Rs.22.69, Japanese Yen: Rs.0.59, Canadian $ Rs.62.67, Hong Kong Dollar: Rs.10.66.

In local markets, standard gold (24 carats) further appreciated by Rs.1,340 and closed at Rs.63,490 (per 10 gms). Ornamental gold was quoted in the range of Rs.58,100 – 58,200 on the closing day. Silver (0.999) too further appreciated by Rs.9,800 and closed at Rs.89,500 (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 negligible 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 by 20% to 30%.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.20 and closed at Rs.589 (per 100). The highest price of Rs.685 was recorded at Muzaffarpur and Patna while Namakkal recorded the lowest of Rs.565.