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India is trying to persuade rich temples to deposit some of their gold hoards with banks to revive a plan to recycle tonnes of the precious metal and cut gold imports, sources said. The scheme has only attracted about one kilogramme in a month, prompting the government to nudge temples through banks to hand over their treasures, the sources said, but at least one temple said it was still unconvinced by the plan. In a bid to reduce the economically-crippling imports, Prime Minister Narendra Modi launched the much-publicised scheme to tap a pool of more than 20,000 tonnes of gold lying idle in homes and temples.
GAIL, BHEL, Vedanta, Infosys and SBI are major losers in the Sensex. Asian equities traded lower after Wall Street closed in the red as investors digested comments from the Fed and the European Central Bank (ECB). Federal Reserve chairman Janet Yellen said in a testimony before Congress that economic data since October backs the central bank's expectations of an improved job market. She added the bank will need to be cautious about raising rates form near zero, but added that - even after an initial increase - Fed funds rates would remain accommodative. ECB president Mario Draghi announced monetary policy measures that fell short of market expectations. The central bank cut deposit rate by 10 basis points to negative 0.3 percent and said its asset purchase program will also be extended until at least March 2017 and broadened in scope. The Indian rupee opened lower by 30 paise at 66.95 per dollar against previous close of 66.65.
Read more at: [url="http://www.moneycontrol.com/news/local-markets/nifty-tanks-below-7800-sensex-falls-over-200-pts-sbi-down_4457581.html?utm_source=ref_article"]Nifty tanks below 7800, Sensex falls over 200 pts; SBI down - Moneycontrol.com[/URL]
GAIL, BHEL, Vedanta, Infosys and SBI are major losers in the Sensex. Asian equities traded lower after Wall Street closed in the red as investors digested comments from the Fed and the European Central Bank (ECB). Federal Reserve chairman Janet Yellen said in a testimony before Congress that economic data since October backs the central bank's expectations of an improved job market. She added the bank will need to be cautious about raising rates form near zero, but added that - even after an initial increase - Fed funds rates would remain accommodative. ECB president Mario Draghi announced monetary policy measures that fell short of market expectations. The central bank cut deposit rate by 10 basis points to negative 0.3 percent and said its asset purchase program will also be extended until at least March 2017 and broadened in scope. The Indian rupee opened lower by 30 paise at 66.95 per dollar against previous close of 66.65.
Read more at: [url="http://www.moneycontrol.com/news/local-markets/nifty-tanks-below-7800-sensex-falls-over-200-pts-sbi-down_4457581.html?utm_source=ref_article"]Nifty tanks below 7800, Sensex falls over 200 pts; SBI down - Moneycontrol.com[/URL]
