Weekly Market Review 01-10-2023

Hyderabad (NVS): The spreading of dragnet of the war-thratre in Europe and Russia has now engulfed more countries like Iran and Syria. With the passage of the Constitutional amendment and its subsequent ratification by the apex court of the Kim Jong Un ruled North Korea has sent tremors all over the civilized world. The global markets, therefore, are in the dilemma of to be or not to be.

Consequently, New York gold closed at US $ 1,848.40 (per Ounce) while silver closed at $ 22.17 (per Ounce). Platinum and Palladium closed at $ 905 (per Ounce) and $ 1,222 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 95.31 (per barrel) while Crude MCX oil was quoted at Rs.7,541 (per barrel). While Gold MCX stood at Rs.57,100 (per 10 gms), MCX Silver closed at Rs.69,857 (per kg), Copper MCX closed at Rs.722.50 (per kg). Sensex and Nifty 50 closed at 65,828.41 and 19,638.30 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.04, British Pound: Rs.101.28, Euro: Rs.87.90, Singapore $: Rs.60.78, Swiss Franc: Rs.90.69, Australian $: Rs.53.37, Saudi Riyal: Rs.22.14, New Zealand Dollar: Rs.49.78, Kuwaiti Dinar: Rs.268.55, Omani Rial: Rs.215.44, UAE Dirham: Rs.22.61, Japanese Yen: Rs.0.56, and Hong Kong Dollar: Rs.10.60.

In local markets, standard gold (24 carats) declined by Rs.1,750 and closed at Rs.58,200 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.53,250 – 53,350 on the closing day. Silver (0.999) too declined by Rs.3,300 and closed at Rs.76,000 (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. Due to the parting rains accompanied by thunder storms the standing crop has been affected badly.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.4 and closed at Rs.515 (per 100). The highest price of Rs.595 was recorded at Muzaffarpur and Patna while Namakkal recorded the lowest of Rs.490.