Weekly Market Review

Hyderabad (NVS): With the intensity of war growing rapidly, more theatres such as Iran-USA, North Korea-South Korea, China – Taiwan and Poland -Russia besides Russia -Ukrain have witnessed the spread of hostilities in the recent times.

Consequently, the global markets have remained in a state of shock. New York gold closed at US $ 1,942.60 (per Ounce) while silver closed at $ 23.63 (per Ounce). Platinum and Palladium closed at $ 920 (per Ounce) and $ 1,230 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 81.07 (per barrel) while Crude MCX oil was quoted at Rs.6,585 (per barrel). While Gold MCX stood at Rs.59,522 (per 10 gms), MCX Silver closed at Rs.72,488 (per kg), Copper MCX closed at Rs.739.60 (per kg). Sensex and Nifty 50 closed at 65,721.25 and 19,517.00 points. Leading foreign currencies’ exchange rates were, US $: Rs.82.68, British Pound: Rs.105.41, Euro: Rs.91.17, Singapore $: Rs.61.75, Swiss Franc: Rs.94.75, Australian $: Rs.54.45, Saudi Riyal: Rs.22.04, New Zealand Dollar: Rs.49.88, Kuwaiti Dinar: Rs.271.07, Omani Rial: Rs.216.59, UAE Dirham: Rs.22.51, Japanese Yen: Rs.0.58, and Hong Kong Dollar: Rs.10.59.

In local markets, standard gold (24 carats) depreciated by Rs.220 and closed at Rs.60,160 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.55,050 – 55,150 on the closing day. Silver (0.999) further depreciated by Rs.1,500 and closed at Rs. 78,500 (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 divergent within narrow brackets.

Common vegetables such as cabbage, cauliflower, ribbed guard, snake guard, lady fingers, cucumber, potatoes, tomatoes and French beans along with other leafy vegetables declined marginally. However, from some markets reports suggest that Onions are on the northern journey which is a matter of concern for the authorities.

The NECC wholesale egg-price in Hyderabad declined by Rs.5 and closed at Rs.415 (per 100). The highest price of Rs.490 was recorded at Kolkata while Ludhiana and Barwala recorded the lowest of Rs.386.