How has Sensex responded to geopolitical conflicts?

Wealth management firm, Dezerv, mapped Sensex returns across major geopolitical events going back to 1990. Across 1st Gulf War, the Kargil War, the US-Afghanistan War, and Russia's invasion of Ukraine, the index posted positive returns each time. Operation Sindoor in May 2025 saw a brief -1.5% dip, followed by a +4% recovery after the India-Pakistan ceasefire the same month.