India and Pakistan engaged in the most intense fighting in decades with four days of escalating conflict that included fighter jets, missiles and drones packed with explosives. It ended almost as abruptly as it began.

India says its strikes into Pakistan-administered Kashmir and Pakistan on Wednesday killed more than 100 militants.

India hit Pakistan with airstrikes deep into the country, killing dozens, but Pakistan shot down multiple Indian planes. India accused Pakistan of a drone attack near the Kashmiri line of control, which Pakistan denied;

With last-minute U.S. mediation, cooler heads prevailed between India and Pakistan. But a flare-up is inevitable.

The military operations chiefs of India and Pakistan spoke by phone on Monday, the Indian army said, as New Delhi reopened airports and shares rose in both countries following a ceasefire that paused days of intense fighting last week.

Analysts believe that if the current stability holds over the next 24–48 hours, with no retaliatory actions or escalatory rhetoric from India or Pakistan, the stock markets are likely to respond constructively.