Weekly Market Review

Hyderabad (NVS): With the recent meeting between the Russian President Vladimir Putin and the North Korean dictator Kim Jong Un in Russia, the gossip mill has been working in full swing. A majority view is that both the leaders have in quid pro quo agreed to exchange the weapons and space technology. This will certainly endanger the peace efforts of the non-aligned nations like India. The markets, therefore, remained playing hide and seek during the week under review.

The New York gold closed at US $ 1,924.10 (per Ounce) while silver closed at $ 23.04 (per Ounce). Platinum and Palladium closed at $ 927 (per Ounce) and $ 1,223 (per Ounce) respectively.

Other economic parameters remained from moderate to strong. Brent closed at US $ 93.93 (per barrel) while Crude MCX oil was quoted at Rs.7,554 (per barrel). While Gold MCX stood at Rs.58,999 (per 10 gms), MCX Silver closed at Rs.72,165 (per kg), Copper MCX closed at Rs.733.65 (per kg). Sensex and Nifty 50 closed at 67,838.63 and 20,192.35 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.09, British Pound: Rs.100.92, Euro: Rs.86.69, Singapore $: Rs.60.94, Swiss Franc: Rs.92.59, Australian $: Rs.53.43, Saudi Riyal: Rs.22.15, New Zealand Dollar: Rs.49.03, Kuwaiti Dinar: Rs.269.62, Omani Rial: Rs.216.40, and UAE Dirham: Rs.22.62, Japanese Yen: Rs.0.56, Canadian $ Rs.61.38 and Hong Kong Dollar: Rs.10.61.

The local market remained upbeat. Standard gold (24 carats) appreciated by Rs.50 and closed at Rs.59,890 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs.54,800 – 54,900 on the closing day. Silver (0.999) appreciated by Rs.1,200 and closed at Rs.78,200 (per kg).

COMMODITIES

With the lull in rains, Rythu Bazars and the various commodity markets located in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir AlamMandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recoded moderate trade volumes.

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 brisk trading.

The NECC wholesale egg-price in Hyderabad appreciated by Rs.20 and closed at Rs.480 (per 100). The lowest price of Rs. 475 was recorded at Hospet and Namakkal while the highest price of Rs.567 was recorded at Lucknow. EOM