Coming to technicalities that what market can expect post the air strikes can be as below:
(a) Modi govt will win 2019 Elections, however may not get as substantial majority as it did in 2014 due to anti incumbency wave.
(b) Out of the blue History repeats itself as Atal Bihari Vajpayee lost elections post Kargil. This will be disastrous for market. However, business will be as usual after some time as long term trend of market remains bullish and Power of Stock market is Ultimate to withstand any kind of events including Black Swan events.
(c) Requisite blow has been given to Pakistan and it will think twice now before undertaking any misadventure against India. This is good for Indian economy.
(d) Lastly once again proved that it is the man behind the machine which matters the most and this is the reason that Wg Cdr Abhinandan could bring a F-16 down with his MIG Bison. Thus implications for stock market is that irrespective of any technology the Analyst behind the scene decrypting information has to be real good to get you positive results as everything can not be left to automated tools. So, human effort and expertise can not be ignored in the market.
Lats but not least; one must understand that war has done no good for any one and one can see the video here and we must keep on taking actions to isolate Pakistan in international forum.