Higher oil prices put a lot of pressure on our fiscal because we are a large importer. They also lead to inflation and tighter monetary policy, said Pradip Shah, Chairman & Founder, IndAsia Fund Advisors.

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"So, oil is big negative for India and for the alternative energy to replace it will take a long time", he added.

According to him, India could be at receiving end and a victim of Trump's trade war provoking decisions. "So, it is imperative that we stand on our own feet."

Our own domestic economy is doing well and that performance may likely continue, he said, adding that we have had two years of reasonable monsoon and this year to the prediction is of reasonable monsoon.

The only risk is election and its impact on sentiments. He believes that market may witness some election jitters in May.

When asked how one should play oil, he said oil producers who are not constrained by government policies could benefit from higher prices.

First Published:Apr 19, 2018 10:43 AM IST