Fall in global crude oil and industrial metal prices triggered a strong intraday rebound on the domestic bourses at the onset of the week. A bout of volatility was witnessed in late trade as key benchmark indices trimmed gains after extending intraday gains. The barometer index, the S&P BSE Sensex, trimmed gains after hitting its highest level in almost two weeks. The Sensex regained the psychological 27,000 level after falling below that mark in early trade. The Sensex was provisionally up 87.72 points or 0.32% at 27,178.14. The market breadth indicating the overall health of the market was positive. Falling global crude oil prices augur well for India as the country imports almost 80% of its crude oil requirements. Meanwhile, weakness in global industrial metal prices could reduce cost of production for manufacturing companies. Index heavyweight and cigarette maker ITC edged higher. Shares of state-run upstream oil and gas companies rose on hopes subsidy burden of these companies could fall along with fall in global crude oil prices. Jewellery makers gained on hopes of increased demand during upcoming festive season and as fall in gold prices could lure customers for more purchases. In overseas markets, European stocks dropped as China's finance minister damped speculation his government will boost economic stimulus for the world's second biggest economy. Asian stocks fell amid speculation China may accept slower growth and after officials from the world's biggest economies warned of rising financial risks. US index futures were in red. Group of 20 finance chiefs and central bankers said low interest rates could lead to a potential increase in financial-market risk, as major economies rely on monetary stimulus to bolster uneven growth. "We are mindful of the potential for a build-up of excessive risk in financial markets, particularly in an environment of low interest rates and low asset price volatility," the G-20 officials reportedly said yesterday, 21 September 2014 in Cairns, Australia, after a two-day meeting. Earlier, key indices had reversed losses in mid-afternoon trade after moving in a narrow range in negative zone. Brent crude oil prices edged lower as sluggish demand and abundant supplies outweighed a possible cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC). In the foreign exchange market, the rupee was almost unchanged against the dollar. As per provisional figures, the S&P BSE Sensex was up 87.72 points or 0.32% at 27,178.14. The index jumped 164.38 points at the day's high of 27,254.80 in late trade, its highest level since 9 September 2014. The index lost 171.49 points at the day's low of 26,918.93 in early trade, its lowest level since 18 September 2014. The CNX Nifty was up 17.45 points or 0.21% at 8,138.90, as per provisional figures. The index hit a high of 8,159.90 in intraday trade. The index hit a low of 8,064.80 in intraday trade, its lowest level since 18 September 2014. The total turnover on BSE amounted to Rs 3255 crore, lower than Rs 5172 crore on Friday, 19 September 2014. The market breadth indicating the overall health of the market was positive. On BSE, 1,661 shares gained and 1,363 shares fell. A total of 105 shares were unchanged. The BSE Mid-Cap index was up 6.20 points or 0.06% at 9,871.46, underperforming the Sensex. The BSE Small-Cap index was up 49.70 points or 0.44% at 11,240.88, outperforming the Sensex. Index heavyweight and cigarette maker ITC rose 3.17% to Rs 370.85. The stock hit high of Rs 371.70 and low of Rs 357.45. Shares of state-run upstream oil and gas companies rose on hopes subsidy burden of these companies could fall along with fall in global crude oil prices. ONGC (up 3.32%), GAIL (India) (up 1.17%) and Oil India (up 1.5%) gained. State run upstream companies share a part of the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell. Jewellery makers gained on hopes of increased demand during upcoming festive season and as fall in gold prices could lure customers for more purchases. Shree Ganesh Jewellery House (up 14.48%), Gitanjali Gems (up 5.89%). Tribhovandas Bhimji Zaveri (up 7.61%), Tara Jewels (up 11.45%), Titan Company (up 2.16%) and PC Jeweller (up 20%) edged higher. Tara Jewels surged 11.45% after the company said that the company's subsidiary Fabrikant-Tara International has entered into partnership with Zac Posen to create a new collection of handcrafted fine jewelry. Colgate Palmolive (India) rose 1.79%. The company said during market hours that the board of directors at its meeting held today, 22 September 2014, has declared a first interim dividend of Rs 8 per share for the year ending 31 March 2015 (FY 2015). Indian stocks may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month September 2014 series to October 2014 series. The near-month September 2014 F&O contracts expire on Thursday, 25 September 2014. In the foreign exchange market, the rupee was almost unchanged against the dollar. The partially convertible rupee was hovering at 60.835, compared with its close of 60.83 during the previous trading session. Brent crude oil prices edged lower as sluggish demand and abundant supplies outweighed a possible cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC). Brent for November settlement was off 72 cents at $97.67 a barrel. The contract had risen 69 cents a barrel or 0.71% to settle at $98.39 a barrel on Friday, 19 September 2014. Lower crude oil prices will help India in containing its fiscal deficit, current account deficit and fuel price inflation. India imports 80% of its crude oil requirement. Prime Minister Narendra Modi is scheduled to launch the ambitious 'Make in India' campaign on Thursday, 25 September 2014. The initiative is one of the several steps which government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country. In his maiden independence day address, Modi invited the global business community to set up manufacturing facilities in India, giving the slogan 'come, make in India'. Meanwhile, Finance Minister Arun Jaitley was reportedly admitted to the Max Institute private hospital in New Delhi yesterday, 21 September 2014, for a routine post-operative examination. Jaitely this month underwent gastric bypass surgery to treat weight gain he had suffered because of a long-standing diabetic condition. European stocks dropped today, 22 September 2014, tracking weak commodity prices and as China's finance minister damped speculation his government will boost economic stimulus for the world's second biggest economy. Key indices in Germany, London and France were off 0.26% to 0.77%. Italian industrial orders dropped in July as both foreign and domestic demand slipped, underscoring the struggle of euro zone's third-largest economy to exit a prolonged recession. Industrial orders declined 1.5% on the month, after a similar drop in June, national statistics institute Istat said today, 22 September 2014, using seasonally adjusted data. Orders were down 0.7% on the year in unadjusted terms, Istat added. Orders are a proxy for future industrial output, a key metric for Italy, which has Europe's second-largest manufacturing sector. Asian stocks fell today, 22 September 2014, amid speculation China may accept slower growth and after officials from the world's biggest economies warned of rising financial risks. Key benchmark indices in Singapore, Hong Kong, Indonesia, Taiwan, Japan and South Korea were off 0.15% to 1.7%. China's Finance Minister Lou Jiwei said growth in Asia's largest economy faces downward pressure and reiterated that there won't be major changes in policy in response to individual economic indicators. China's economy is growing in a stable way and operating within a reasonable range, Lou said in a statement published on the People's Bank of China website. Macroeconomic policy will focus on comprehensive targets, particularly job growth and price stability, the statement said. A preliminary reading on the HSBC Holdings Plc/Markit Economics China manufacturing purchasing managers' index is due tomorrow, 23 September 2014. Trading in US index futures indicated that the Dow could fall 51 points at the opening bell on Monday, 22 September 2014. Most US stocks edged lower on Friday, 19 September 2014, after a three-day rally

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