Weekly Market Review 23-03-2024
Hyderabad (NVS): Amidst the big terror attack on a shopping mall in Russian capital Moscow where about 6,200 people were present, there are reports of about 140 deaths and a large number of people injured. This incident has sent shockwaves throughout the world. The newly re-elected president Putin has gone into huddle with his deputies and security chiefs to work out a combat strategy. In short, the world should be prepared to witness an escalated a war like situation in the coming days.
Further, there is no let-up in the explosive situation in Gaza strip Israel and Hamas militants are bent upon fighting the bloody war tooth and nail. Consequently the principal global markets remained shaky.
New York gold closed at US $ 2,164.70 (per Ounce) while silver closed at $ 24.66 (per Ounce). Platinum and Palladium closed at $ 892.50 (per Ounce) and $ 983.50(per Ounce) respectively.
Other economic parameters remained moderate. Brent closed at US $ 85.43 (per barrel) while Crude MCX oil was quoted at Rs.6,749 (per barrel). While Gold MCX stood at Rs.65,870 (per 10 gms), MCX Silver closed at Rs.74,810 (per kg), Copper MCX closed at Rs.751.80 (per kg). Sensex and Nifty 50 closed at 72,831.94 and 22,096.75 points. Leading foreign currencies exchange rates were, US $: Rs.83.59, British Pound: Rs.105.34, Euro: Rs.90.80, Singapore $: Rs.61.97, Swiss Franc: Rs.93.09, Australian $: Rs.54.47, Saudi Riyal: Rs.22.29, New Zealand Dollar: Rs.50.12, Kuwaiti Dinar: Rs.273.20, Omani Rial: Rs.218.36 and UAE Dirham: Rs.22.76, Japanese Yen: Rs.0.55, Canadian $ Rs.61.35, Hong Kong Dollar: Rs.10.68.
In local markets, standard gold (24 carat) appreciated by Rs.720 and closed at Rs.66,820 (per 10 gms). Ornamental gold was quoted in the range of Rs.61,150 – 61,250 on the closing day. Silver (0.999) appreciated by Rs.200 and closed at Rs.80,500 (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 moved within narrow margins.
Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables increased by 20% to 25%.
The NECC wholesale egg-price in Hyderabad further depreciated by Rs.5 and closed at Rs.395 (per 100) which stood as the lowest price of the week while Kolkata recorded the highest price of Rs.500. EOM