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.