WEEKLY MARKET REVIEW 28-01-2024

Hyderabad (NVS) : The deadly devastating missile attack by Russia on dozens of places in Ukraine on Saturday has added fuel to the fire thereby eliminating hopes of ending the two year old ongoing war. The economy of not only both warring nations has suffered but it has also taken a heavy toll of development throughout the world.

Consequently, New York gold closed at US $ 2,017.92 (per Ounce) while silver closed at $ 22.78 (per Ounce). Platinum and Palladium closed at $ 915.43 (per Ounce) and $ 957.50 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 83.55 (per barrel) while Crude MCX oil was quoted at Rs.6,386 (per barrel). While Gold MCX stood at Rs.61,950 (per 10 gms), MCX Silver closed at Rs.71,795 (per kg), Copper MCX closed at Rs.727.35 (per kg). Sensex and Nifty 50 closed at 70,700.67 and 21,352.60 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.12, British Pound: Rs.105.64, Euro: Rs.90.30, Singapore $: Rs.61.88, Swiss Franc: Rs.96.25, Australian $: Rs.54.65, Saudi Riyal: Rs.22.17, New Zealand Dollar: Rs.50.58, Kuwaiti Dinar: Rs.270.19, Omani Rial: Rs.215.98, UAE Dirham: Rs.22.63, Japanese Yen: Rs.0.56, and Hong Kong Dollar: Rs.10.63.

In local markets, standard gold (24 carats) declined by Rs.90 and closed at Rs.62,960 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.57,610 – 57,710 on the closing day. Silver (0.999) appreciated by Rs.600 and closed at Rs. 77,600 (per kg).

COMMODITIES

Rythu Bazars and other 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 oils recorded a marginal increase.

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 declined by Rs.14 and closed at Rs.526 (per 100). Namakkal recorded the lowest price of Rs.520 while highest price of Rs.633 was recorded at Lucknow.