External Affairs Minister S Jaishankar defends India's purchase of Russian oil, stating it is not the largest purchaser and that the US had previously supported such actions to stabilize energy markets. He also addresses concerns about tariffs and trade relations with the US.
In an event-heavy week, stock investors will track ongoing quarterly earnings, the US Federal Reserve's interest rate decision, and macroeconomic data for market direction, analysts said. Moreover, progress in India-US trade negotiations will remain a key focus for investors, an expert said.
India said it is broad-basing and diversifying sourcing of petroleum product to meet market conditions.
The Russians have termed Putin's visit to India, his first to this country since the outbreak of the Russia-Ukraine war, as 'Druzhba Dosti', which means 'friendship' in Russian and Hindi respectively.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
The Multi-Commodity Exchange faced disruptions to operations due to a technical issue on Tuesday, forcing it to commence trading over 4 hours late and shift operations to its disaster recovery site. The commodities bourse said that all its trading systems are now functioning normally and an investigation into the issue has been initiated on priority.
Stock market sentiment is likely to remain optimistic going ahead, though some consolidation cannot be ruled out after the recent sharp rally in the benchmarks, analysts said. According to experts, the Nifty and Sensex could indeed move towards new record highs before the end of the year, if global cues stay supportive, crude oil prices remain benign and there is continued domestic earnings momentum.
On the table are additional batches of S-400 surface-to-air missile systems from Russia, which India used with immense success during Operation Sindoor. India could buy at least two squadrons of Su-57 fighter jets plus joint production of S-500 air defence systems.
Vance also hinted that the US may drop additional tariffs on countries if the US make a deal with Russia, and also apply more tariffs on the countries to bring this war to a close.
Russia has a "special mechanism" to confront any challenge arising out of the US slapping punitive measures against India for its procurement of Russian crude oil, Russian charge d'affaires Roman Babushkin said on Wednesday.
India does not do trade agreements in a hurry or with a "gun to our head", Commerce and Industry Minister Piyush Goyal said on Friday. He said India is actively negotiating trade pacts with countries and regions, including the European Union (EU) and the US.
The White House trade advisor's remarks came on a day US President Donald Trump announced that India and the US are continuing negotiations to address the trade barriers.
The enduring relationship between the two countries have survived the disintegration of the erstwhile USSR in 1991, the end of the Cold War and the regime change in both countries, points out Rup Narayan Das.
A senior Russian diplomat has called the US pressure on India for its procurement of Russian crude oil "unjustified," expressing confidence in continued energy cooperation between India and Russia despite external pressures.
National Security Advisor Ajit Doval has travelled to Russia to hold crucial talks on bilateral energy and defence ties and to prepare ground for Russian President Vladimir Putin's visit to India later this year.
Crude oil prices could dip to the low $60s by the end of 2025 after rising to $80 a barrel in the last quarter (October-December) of 2024 - up nearly 10 per cent from current levels, suggest analysts at JP Morgan. The main players in West Asia, including Saudi Arabia and the UAE, have a strong incentive to keep the conflict contained, according to the JP Morgan report.
'Don't look at Russia only as a place to earn quickly and then leave.' 'Try to build experience in serious companies, skills and certifications that will serve you anywhere in the world.'
Using an expletive in his post on X, Navarro said, "Fact: India didn't buy Russian oil in large quantities before Russia invaded Ukraine. It's blood money and people are dying."
The commerce ministry on Tuesday said the discussions with visiting US Chief Negotiator Brendan Lynch on the proposed bilateral trade agreement were positive and forward looking.
The relations between New Delhi and Washington are on a downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including 25 per cent additional duties for India's purchase of Russian crude oil.
'The world is heading into a period of serious problems, and gold and silver are among the few ways to protect oneself.'
Amid escalating India-US trade tensions, Nita Mukesh Ambani Cultural Centre -- the tony cultural event outfit run by billionaire Mukesh Ambani's wife -- has postponed next week's theatrical event in New York, citing "unforeseen circumstances".
India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
Equity market investors would track global trends, foreign fund movement and quarterly earnings in a holiday-shortened week ahead, analysts said. Stock exchanges BSE and NSE will conduct a special Muhurat trading session on Tuesday, October 21.
NSA Ajit Doval has indicated that dates for Russian President Vladimir Putin's visit to India are being worked out during his meetings in Moscow. Discussions also covered bilateral energy and defence cooperation, amidst ongoing concerns over India's procurement of Russian crude oil.
Saudi Arabia's steep cut in LPG benchmark prices has pushed India's household LPG underrecoveries to their lowest level in over two years, slashing oil companies' losses from Rs 200-250 per cylinder last year to about Rs 20-40 now.
Russian President Vladimir Putin is expected to visit India around December 5 to hold annual summit talks with Prime Minister Narendra Modi to further solidify bilateral strategic ties.
During a visit to the UK, former US President Donald Trump reiterated his claim of intervening to resolve a conflict between India and Pakistan, linking it to trade negotiations. He also discussed tariffs on India for buying Russian oil and the Russia-Ukraine conflict.
India's eight key infrastructure sectors' growth jumped to a 13-month high of 6.3 per cent in August 2025 on account of expansion in coal, steel, and cement production, according to official data released on Monday. The core sectors' output growth was 3.7 per cent in the previous month of July.
Navarro's remarks came after the public display of bonhomie by the three leaders on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Tianjin on Monday.
The relations between New Delhi and Washington are on a downturn after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
Calling the community note on X "crap", Navarro alleged that Elon Musk is allowing "propaganda" and reiterated his accusations of India purchasing Russian oil only to make profits.
India has implemented a number of free trade agreements with developed nations and is in active dialogue for such pacts with nations including the US, Oman, and the EU, Commerce and Industry Minister Piyush Goyal said. India has implemented trade pacts with Australia, the UAE and EFTA bloc. It has also signed an agreement with the UK.
His assertion came after Trump claimed that his "friend" PM Modi has assured him that India would stop purchasing oil from Russia, a move he described as a big step toward increasing pressure on Moscow over its invasion of Ukraine.
Eight infrastructure sectors' growth slowed down to 2 per cent in July 2025 from 6.3 per cent in the same month last year, according to official data released on Wednesday.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
The US Department of the Treasury on Wednesday imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, in an effort to pressure the Kremlin to end its war in Ukraine.
Ahead of trade talks between Indian and United States officials in Delhi, White House trade advisor Peter Navarro said India, which has the 'highest tariffs' of any major country, is 'coming to the table'.
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