Indian markets get short-term relief from Russia oil waiver, but policy risks remain

US President Donald Trump's waiver of sanctions and duties on Russian oil purchases has provided short-term relief to Indian markets, though analysts caution the reprieve may be temporary and leave investors exposed to renewed trade uncertainty. The waiver eases an immediate tariff threat for India, with oil marketing companies and export-oriented sectors like IT, pharma, and textiles potentially benefiting. However, experts note the administration retains the ability to revisit its position, particularly after the November midterm elections, and has announced a 60-day review of the sanctions framework. India's efforts to diversify energy sourcing away from cheaper Russian supplies could raise baseline input costs, pressuring the import bill, inflation, and the rupee. Analysts advise that sustained market gains will depend on oil prices, earnings prospects, and greater stability in US-India trade policy.