The top military officials from India and Pakistan held a hotline conversation for the first time on Monday, following a ceasefire agreement that eased tensions at their border, leading to a surge in stock market activity.
Though no reports of violent incidents surfaced overnight after the ceasefire was declared, Indian troops noted that Sunday marked a calm night along the border, although some schools remained closed.
The ceasefire, which began on Saturday and was initially announced by US President Donald Trump, came after four days marked by intense gunfire and significant diplomatic efforts, including pressure from Washington.
On Sunday, the Indian military sent a message to Pakistan regarding a violation that occurred the previous day, indicating New Delhi’s intention to respond if such incidents were to continue, according to military officials.
A representative for the Pakistani military rejected the claims of a ceasefire violation.
India’s Foreign Ministry stated that military operations directors from both nations would engage in discussions at 0630 GMT on Monday.
Pakistan did not promptly reply to requests for comments from media inquiries.
Pakistan reportedly attacked Indian military sites and civilian locations using missiles and drones, prompting India to retaliate against Pakistani airbases amidst deteriorating relations, which intensified following an attack in Pahargam that killed 26 tourists.
Pakistan has denied the allegations and called for an impartial investigation.
India stated that it conducted strikes on Wednesday targeting nine sites associated with terrorist infrastructure within Pakistan and Pakistani-administered Kashmir.
On Monday, trading in Pakistan was halted shortly after the benchmark index gained nearly 9%, recuperating most of its losses from recent days following India’s military actions.
An hour before that, the International Monetary Fund approved a new loan of $1.4 billion to Pakistan through its Climate Resilience Fund, along with the first review of a $7 billion loan program.
Meanwhile, India’s stock market benchmark rose by about 2.5% in early trading after the NIFTY index had dropped 1.5% in the previous three sessions.
Islamabad expressed gratitude to Washington for facilitating the ceasefire and welcomed Trump’s offer to mediate in the Kashmir dispute, although New Delhi has not commented on his role in the armistice or any potential neutral discussions.
India asserts that Jammu and Kashmir belong to it, insisting that any disputes with Pakistan should be settled bilaterally, as it has previously rejected third-party involvement.
The Congress party, which supported Prime Minister Narendra Modi following the April 22 attack, has called for a special parliamentary session to address the latest scenarios involving Pakistan.
