Markets are not signalling confidence in recovery; they are signalling uncertainty about it. Historically, post-conflict rallies tend to be sharp but short-lived, with nearly 30 to 40 per cent of initial gains retraced if macro clarity does not follow. So in reality, the ceasefire has given hope, but economic recovery will happen only when corporate capex is pushed. More importantly, I think recovery requires visibility on demand and earnings, not just currency stability. Without that, capex cycles tend to remain frozen, with recovery lagging sentiment by two to four quarters.