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US stocks extended gains Friday after Fed Chair Jerome Powell hinted at a possible September rate cut during his Jackson Hole speech, citing job market risks. Dow surged 870 points, S&P 500 rose 1.6%, Nasdaq led gains.

Federal Reserve Chair Jerome Powell on Friday pointed to a possible interest rate cut at the U.S. central bank s meeting next month, but stopped short of committing to it, in remarks acknowledging both the growing risks to the job market and ongoing threat of higher inflation.

Suneetha Reddy, promoter of Apollo Hospitals Enterprise, sold stake worth Rs 1,489 crore. The sale received positive response from foreign and domestic investors. Abu Dhabi Investment Authority and T. Rowe Price were among the buyers. Kotak Mahindra Life Insurance and Axis Mutual Fund also purchased shares. Apollo Hospitals reported a net profit of Rs 433 crore in Q1.

The dollar weakened following Jerome Powell s suggestion of a potential rate cut. The euro and other currencies strengthened against the dollar. Market participants are now anticipating further easing by the Federal Reserve. Traders increased bets on a September rate cut. Concerns about Fed independence also weighed on the dollar. Bitcoin saw gains amidst the currency movements.

Jerome Powell s recent speech at Jackson Hole hinted at potential adjustments to monetary policy, sparking market optimism for interest rate cuts. However, the speech balanced concerns about both labor market wobbles and persistent inflation. The Fed faces a tricky task navigating its dual mandate amid economic uncertainties and external pressures, suggesting a cautious approach to future policy easing.

President Trump announced a deal where the U.S. would acquire a 10% stake in Intel, following a meeting with CEO Lip-Bu Tan. This move comes after Trump demanded Tan s resignation over ties to Chinese firms, resulting in a $10 billion investment. The federal backing aims to revive Intel s struggling foundry business amidst turnaround efforts.

Bhattacharyya was appointed the RBI s executive director in March. He has nearly three decades of experience across areas such as monetary policy, fiscal policy, banking, and international economic relations. A postgraduate in economics from Jawaharlal Nehru University, New Delhi, Bhattacharyya s research interests are primarily in the areas such as monetary theory and policy, financial markets, market microstructure and fiscal policy.

"In principle, monetary policy is always ready to support growth, but not at the cost of price stability. The proposed GST rate slab transition changes should initially result in a fall in prices of most goods and services," Bhattacharya said in an email interview.

In protection products, commissions initially range between 35% and 40% before tapering off, averaging about 5-6% over time. On top of this, insurers incur about 10% in other expenses. Currently, service tax of around 2% on such costs is offset through input tax credits. If GST exemptions remove that credit, insurers will have to bear the additional expense.

Indian equities closed lower on Friday, ending a six-day rally due to profit booking and concerns over impending US tariffs. The Nifty and Sensex both declined by 0.85%, although they ended the week nearly 1% higher overall.