Talk of India’s market resilience in the wake of Operation Sindoor is, on the surface, compelling. Call it maturity, institutional recall of past market recoveries, and investor confidence. Yet, this composure could be complacency. What is being celebrated as resilience may be masking deeper vulnerabilities that the markets are choosing to ignore in the search for stability,It is tempting to see the steadiness of the Sensex and Nifty50 as a triumph of rationality over emotion, of fundamentals over fear. And all this while Pakistan’s KSE-100 index collapsed under the weight of uncertainty. Foreign institutional investors, the barometer of market mood, have poured billions into Indian equities, due to a weakening dollar and the promise of India’s growth story. Defence stocks are buoyant, riding a wave of patriotic optimism and policy tailwinds. On the surface, it appears India is a haven of order in a region defined by chaos.
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