Weekly Market Review 02-03-2024

Hyderabad (NVS): With the Russian-Ukraine war spreading its tentacles to NATO countries, specially the United Kingdom, now there is indeed, a serious threat to the world peace because a military attack on one NATO member country is considered as an aggression on all the 32 NATO countries by the Charter of NATO. Therefore, even the US President Joe Biden, who was optimistic about at least a temporary cease-fire between Israel and Hamas, has now expressed apprehensions about the same. Seen in this context, peace seems to be a remote possibility.

New York gold closed at US $ 2,082.65 (per Ounce) while silver closed at $ 23.12 (per Ounce). Platinum and Palladium closed at $ 885.72 (per Ounce) and $ 955.48 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 83.55 (per barrel) while Crude MCX oil was quoted at Rs.6,637 (per barrel). While Gold MCX stood at Rs.63,600 (per 10 gms), MCX Silver closed at Rs.70,630 (per kg), Copper MCX closed at Rs.728 (per kg). Sensex and Nifty 50 closed at 73,806.15 and 22,378.40 points. Leading foreign currencies exchange rates were, US $: Rs.82.85, British Pound: Rs.104.86, Euro: Rs.89.68, Singapore $: Rs.61.60, Swiss Franc: Rs.93.69, Australian $: Rs.53.94, Saudi Riyal: Rs.22.06, New Zealand Dollar: Rs.50.59, Kuwaiti Dinar: Rs.270.34, Omani Rial: Rs.215.21 and UAE Dirham: Rs.22.56, Japanese Yen: Rs.0.55, Canadian $ Rs.61.00, Hong Kong Dollar: Rs.10.58.

In local markets, standard gold (24 carats) appreciated by Rs.1,140 and closed at Rs.64,090 (per 10 gms). Ornamental gold was quoted in the range of Rs.58,650 – 58,750 on the closing day. Silver (0.999) appreciated by Rs.600 and closed at Rs.77,000 (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 marginally.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.57 and closed at Rs.463 (per 100). The highest price of Rs.533 was recorded at Lucknow while Ludhiana recorded the lowest of Rs.430.