Weekly Market Review 24-09-2023

Hyderabad (NVS): The week under review witnessed the opening of new war front besides the ongoing fierce Russia -Ukrainwar. Hitherto in the ceasefire position Armenia and Azerbaijan have once again indulged in hostilities by attacking each other with lethal weapons.

Consequently, New York gold closed at US $ 1,924.80 (per Ounce) while silver closed at $ 23.52 (per Ounce). Platinum and Palladium closed at $ 917 (per Ounce) and $ 1,227 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 93.27 (per barrel) while Crude MCX oil was quoted at Rs.7,463 (per barrel). While Gold MCX stood at Rs.58,941 (per 10 gms), MCX Silver closed at Rs.73,340 (per kg), Copper MCX closed at Rs.714.50 (per kg). Sensex and Nifty 50 closed at 66,009.15 and 19,674.25 points. Leading foreign currencies’ closing exchange rates were, US $: Rs.83.10, British Pound: Rs.101.71, Euro: Rs.88.69, Singapore $: Rs.60.84, Swiss Franc: Rs.91.67, Australian $: Rs.53.54, Saudi Riyal: Rs.22.16, New Zealand Dollar: Rs.49.51, Kuwaiti Dinar: Rs.270.16, Omani Rial: Rs.216.92, UAE Dirham: Rs.22.63, Japanese Yen: Rs.0.56, and Hong Kong Dollar: Rs.10.63.

In local markets, standard gold (24 carats) appreciated by Rs.60 and closed at Rs.59,950 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.54,850 – 54,950 on the closing day. Silver (0.999) appreciated by Rs.1,100 and closed at Rs.79,300 (per kg).

COMMODITIES

Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, 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

The NECC wholesale egg-price in Hyderabad further appreciated by Rs.31 and closed at Rs.511 (per 100). The highest price of Rs.592 was recorded atMuzaffarpur and Patna while Namakkal recorded the lowest of Rs.490. EOM.