Weekly Market Review

Hyderabad (NVS): The Israel -Hamas tensions have clearly divided the world into two, viz. Those who are siding the Israel and those who are siding the Hamas dominated Palestine. While most of the European Union countries are with Israel, the Islamic countries are with Palestine, the terrorist outfits like Hamas, Hizbolla and Huji notwithstanding. The role of USA, Russia, China and India is considered to be crucial in resolving the issue of war which has all the potentials to escalate into the World War !

The New York gold closed at US $ 1,981.20 (per Ounce) while silver closed at $ 23.35 (per Ounce). Platinum and Palladium closed at $ 897 (per Ounce) and $ 1,080 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 92.16 (per barrel) while Crude MCX oil was quoted at Rs.7,352 (per barrel). While Gold MCX stood at Rs.60,715 (per 10 gms), MCX Silver closed at Rs.72,915 (per kg), Copper MCX closed at Rs.695.80 (per kg). Sensex and Nifty 50 closed at 65,397.62 and 19,542.65 points. Leading foreign currencies’ exchange rates were, US $: Rs.83.24, British Pound: Rs.101.14, Euro: Rs.88.27, Singapore $: Rs.60.62, Swiss Franc: Rs.93.21, Australian $: Rs.52.56, Saudi Riyal: Rs.22.19, New Zealand Dollar: Rs.48.56, Kuwaiti Dinar: Rs.270, Omani Rial: Rs.216.82, UAE Dirham: Rs.22.66, Japanese Yen: Rs.0.56, and Hong Kong Dollar: Rs.10.64.

In local markets, standard gold (24 carats) further appreciated by Rs.1,310 and closed at Rs.61,750 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.56,500 – 56,600 on the closing day. Silver (0.999) appreciated by Rs.1,700 and closed at Rs.78,700 (per kg).

COMMODITIES

Rythu Bazars and the various 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 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 decreased by Rs.10 and closed at Rs.505 (per 100) which was also the power price of the week, while the highest price of Rs.593 was recorded at Lucknow.