New Delhi, April 9 -- Markets rattle when a war breaks out. Investors fear uncertainty more than conflict itself. Recent developments, including the temporary ceasefire in West Asia, have once again shown how quickly sentiment can shift once the immediate risk of escalation eases.

History shows that once the contours of a geopolitical crisis become clearer, markets often stabilize and recover.

Whenever geopolitical tensions escalate, investors instinctively ask: what is the worst that could happen? Could the conflict spiral into something larger, like a global confrontation? Such fears are not irrational.

History offers a useful perspective. Wars, crises and geopolitical rivalries have repeatedly unsettled markets, but they have rarely...