New Delhi, Nov. 1 -- The outcome of the November 2026 US midterm elections could have significant geopolitical and market implications for India, although the impact on domestic equities may be felt more through movements in crude oil prices, the dollar and US bond yields than through a direct shift in US policy towards New Delhi.

Emkay Global Financial Services expects familiar trade and immigration-related frictions between India and the US to persist even if Democrats gain control of Congress. While a Democratic majority could increase scrutiny of President Donald Trump's tariff and immigration policies, it is unlikely to substantially limit his executive powers. For Indian markets, the bigger concern is the possibility of a renewed e...