WEEKLY MARKET REVIEW

Hyderabad (NVS): After the missile attack of Iraqi and Syrian militia on US military installations in their respective countries on January 28, in which at least three US soldiers were killed, the US in retaliation attacked as many as 85 militia concentrations in Iraq and Syria. While on the one hand, America has been maintaining that it believes in peaceful co-existence with all countries in the world, on the other, it is driven to a war by the Islamic Jehadi groups not only in Iraq and Syria but also in Yemen, Lebanon, Egypt and of course Iran. Such a situation has kept peace at bay. The UN relief agencies and Red Cross have been lamenting that they are not allowed to distribute relief material to over 5 lakhs of displaced population of Gaza.

New York gold closed at US $ 2,039.58 (per Ounce) while silver closed at $ 22.68 (per Ounce). Platinum and Palladium closed at $ 893.77 (per Ounce) and $ 946.50 (per Ounce) respectively.

Other economic parameters remained strong. Brent closed at US $ 77.33 (per barrel) while Crude MCX oil was quoted at Rs.6,036 (per barrel). While Gold MCX stood at Rs.63,200 (per 10 gms), MCX Silver closed at Rs.71,294 (per kg), Copper MCX closed at Rs.722.60 (per kg). Sensex and Nifty 50 closed at 72,085 and 21,853.80 points. Leading foreign currencies exchange rates were, US $: Rs.83.00, British Pound: Rs.104.85, Euro: Rs.89.69, Singapore $: Rs.61.75, Swiss Franc: Rs.95.73, Australian $: Rs.54.13, Saudi Riyal: Rs.22.13, New Zealand Dollar: Rs.50.32, Kuwaiti Dinar: Rs.269.82, Omani Rial: Rs.215.61 and UAE Dirham: Rs.22.60, Japanese Yen: Rs.0.56, Canadian $ Rs.61.59, Hong Kong Dollar: Rs.10.61.

In local markets, standard gold (24 carats) further appreciated by Rs.420 and closed at Rs.63,380 (per 10 gms). Ornamental gold was quoted in the range of Rs.58,000 – 57,100 on the closing day. Silver (0.999) depreciated by Rs.600 and closed at Rs.77,000 (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 marginal 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 rose further by 10% to 15%.

The NECC wholesale egg-price in Hyderabad depreciated by Rs.10 and closed at Rs.530 (per 100). The highest price of Rs.600 was recorded at Lucknow and Ranchi while Ludhiana recorded the lowest of Rs.510.