Weekly Market Review
Hyderabad (NVS): The lightening strike of truckers against the proposed enhancement of punishment in hit-and-run cases paralyzed the moment of goods throughout the country. However, the timely negotiations between the government and Transport Association averted further escalation of strike. On the international front, Saudi Arabia’s resolve to side with Iran against the war with Israel on the one hand and the show of strength displayed by North Korea by firing over 200 shells towards South Korea has also created a dangerous situation for the rest of the world.
The net effect of these developments has been a substantial rise in the price level of all essential commodities including food grains, petroleum products and perishable goods.
New York gold closed at US $ 2,045.44 (per Ounce) while silver closed at $ 23.182 (per Ounce). Platinum and Palladium closed at $ 959.38 (per Ounce) and $ 1,025 (per Ounce) respectively.
Other economic parameters remained strong. Brent closed at US $ 78.76 (per barrel) while Crude MCX oil was quoted at Rs.6,127 (per barrel). While Gold MCX stood at Rs.62,579 (per 10 gms), MCX Silver closed at Rs.72,580 (per kg), Copper MCX closed at Rs.720.30 (per kg). Sensex and Nifty 50 closed at 72,026.15 and 21,710.80 points. Leading foreign currencies exchange rates were, US $: Rs.83.19, British Pound: Rs.105.86, Euro: Rs.90.76, Singapore $: Rs.62.52, Swiss Franc: Rs.97.90, Australian $: Rs.55.88, Saudi Riyal: Rs.22.81, New Zealand Dollar: Rs.51.91, Kuwaiti Dinar: Rs.271.94, Omani Rial: Rs.217.20 and UAE Dirham: Rs.22.65, Japanese Yen: Rs.0.58, Canadian $ Rs.62.21, Hong Kong Dollar: Rs.10.65.
In local markets, standard gold (24 carats) depreciated by Rs.600 and closed at Rs.63,280 (per 10 gms). Ornamental gold was quoted in the range of Rs.57,910 – 58,010 on the closing day. Silver (0.999) too further depreciated by Rs.2,000 and closed at Rs.78,000 (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.13 and closed at Rs.560 (per 100). The highest price of Rs.667 was recorded at Lucknow while Namakkal recorded the lowest of Rs.545.