WEEKLY MARKET REVIEW

Hyderabad (NVS): Despite temporary ceasefire in the Gaza war, the markets are not convinced about the return of normalcy. Israel has made it clear that the present ceasefire is only to enable women and children to evacuate and it eill not ensure the end of Gaza war. Therefore, due to such a volatile situation lot of uncertainity prevails in the global markets.

New York gold closed at US $ 2,002.70 (per Ounce) while silver closed at $ 24.32 (per Ounce). Platinum and Palladium closed at $ 931 (per Ounce) and $ 1,054 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 80.58 (per barrel) while Crude MCX oil was quoted at Rs.6,338 (per barrel). While Gold MCX stood at Rs.61,370 (per 10 gms), MCX Silver closed at Rs.73,915 (per kg), Copper MCX closed at Rs.715.70 (per kg). Sensex and Nifty 50 closed at 65,970.04 and 19,794.70 points. Leading foreign currencies exchange rates were, US $: Rs.83.31, British Pound: Rs.104.98, Euro: Rs.91.23, Singapore $: Rs.62.16, Swiss Franc: Rs.94.38, Australian $: Rs.54.84, Saudi Riyal: Rs.22.22, New Zealand Dollar: Rs.50.64, Kuwaiti Dinar: Rs.249.70, Omani Rial: Rs.216.44 and UAE Dirham: Rs.22.69, Japanese Yen: Rs.0.56, Canadian $ Rs.61.06, Hong Kong Dollar: Rs.10.69.

In local markets, standard gold (24 carats) appreciated by Rs.610 and closed at Rs.62,290,570 (per 10 gms). Ornamental gold was quoted in the range of Rs.57,000 – 57,100 on the closing day. Silver (0.999) appreciated by Rs.1,200 and closed at Rs.80,200 (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 recorded a negligible decline.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, onions, tomatoes and French beans along with other leafy vegetables flared up still further in the range of 22% to 40%.

The NECC wholesale egg-price in Hyderabad declined by Rs.20 and closed at Rs.510 (per 100). The highest price of Rs.593 was recorded at Lucknow while Hyderabad, Hospet and Namakkal recorded the lowest of Rs.510.