A tense silence settled over India and Pakistan as millions woke Thursday: no more missiles had been fired, schools in most areas had reopened and both sides appeared to be claiming victory.

The question now, analysts say, is whether the two sides will claim victory as Pakistan asserts that it downed Indian jets and gauges the toll of India’s strikes.

Shares of Chinese defense-manufacturing companies rallied on Wednesday, as the escalation in border tensions between India and Pakistan boosted the outlook for mainland exporters.