War & Wealth · India 2026

The Cost of Conflict, By the Numbers

Since the US-Iran war began on February 28, 2026, these four figures capture how deeply it has reshaped India's markets and investor behavior.

₹47L Cr
Market Cap Lost in 23 Days
India's total stock market capitalization fell by roughly this amount within the first 23 days of the war, as foreign investors sold heavily.
-9.4%
Sensex, First 4 Weeks
The Sensex fell close to a tenth of its value in the first month of the war, led lower by banking, auto and metal stocks.
₹91+
Rupee vs USD (March Low)
The rupee weakened past 91 to the dollar in March 2026 as crude oil spiked on fears over the Strait of Hormuz.
32%
India's Share of Global Gold ETF Demand, Q1
India accounted for nearly a third of all global gold ETF inflows in Q1 2026, as investors rotated into safe-haven assets.