Verve
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During the cold war era, India had a strategic relation with Russians and economic relations with the US and other NATO countries.
India balanced her relations with Israel, USA and Iran.
India has balanced relations with KSA and Iran.
India had balanced relations with both Russia and US during Crimean crisis.
Russia is just testing the waters of a new possible axis of China, Turkey and Pakistan because of her issues with USA and India's growing proximity with the USA. But not to forget that Turkey is still a NATO ally, Pakistan will jump into American lap at first signal given to them by Americans and not to forget that if Russia refuses to be the second fiddle of the USA, she will refuse to do the same with China. International relations are not as simple as some make it sound like that.
What you don't understand is that India can't have "strategic relationships' with the two who are enemies of each other. Friend of my enemy is my enemy, if you recall that. In the past, as you said the strategic was with Russia and commercial with US. This time Indian simply will not get strategic with both, Russia will continue to distant itself and will form strategic with Pakistan and commercial with India.
Pakistan will not jump into the American lap (politicians will, as they have assets in West) especially after the three 2011 actions by US forces. Pakistani Establishment are the real policy makers and the public sentiment has shifted away from US.