On Indian markets, Prashant Paroda, Portfolio Manager for Emerging Markets at Allspring Global Investments said a selective approach is important. According to him, within banks, one will have to be very selective with which companies are continuing to grow market share and have provisions under check.

A deal with India may be coming as well. “We’re very close to a deal with India,” he said. While negotiations with Japan are also ongoing, they are likely to remain at the 25% rate he announced last week.

The demand outlook for India's $283-billion IT sector remains uncertain due to U.S. tariff risks and global geopolitical factors, a senior Wipro executive said on Wednesday.

China has welcomed a Russian proposal for the restoration of a three-member bloc with India, saying cooperation would be in their interests and would contribute to peace and security, raising the prospect of a revitalized alliance that could challenge U.

White House suggested that the so-called secondary tariffs mean 100 per cent tariffs on Russia and secondary sanctions on buyers of Russian oil.

Tesla launched on Tuesday its Model Y at about $70,000 in India, a significant markup relative to its other major markets, reflecting the country's high tariffs on electric vehicle imports which CEO Elon Musk has long-criticised.

India and the UK are set to sign their Free Trade Agreement next week, with the legal text finalized. The pact aims to double bilateral trade to $120 billion by 2030, reducing tariffs on goods and easing professional mobility.

Ratings firm CRISIL said that India's goods exports are likely to face some headwinds in fiscal 2026, as reciprocal tariffs imposed by the US are seen to aggravate this.