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India is well positioned to benefit from the increased global demand for steel, aluminium and foodgrains -- wheat and rice, said brokerage house ICICI Securities.

India is an alternative supplier of many mineral products where Russia typically dominates.

As an alternate supplier of steel, aluminium and foodgrain, India's exports will likely gain from the sanctions imposed on Russia," the brokerage said.

The global automobile industry, in particular, will feel the impact of lower supplies of aluminium, neon (a by-product of steel, used in semiconductors for cars) and palladium, it added.

India produces more steel and aluminium than Russia and has ample stockpiles of wheat and is the world's largest exporter of rice.

India usually produces surplus foodgrains and because of which the inflationary impact on India of reduced supplies from Russia can be contained "relatively easily", it said.

Both the countries -- Russia and Ukraine -- involved in the ongoing war are major producers of wheat.