While Wall Street goes to bear country, India dances with the bulls

Today was a bearish day for most of the global stock markets. Read CNN Money's Wall Street: The bear is back or today's Market Overview on Yahoo Finance to get a sense of where Wall Street stands. Contrary to this general trend though, the India Stock Market indicator -- sensex -- rose by 703 points. Read the Rediff News report on the subject. The Indian market lost over 1400 points in the last 3 days and its said today's rise was due to buying spree at low prices. I understand the general support and resistance phenomena and the correction the markets go through every once a while, however, its surprising the Indian market is optimistic when continually rising oil prices are shocking the rest of the world. A lot of the Indian boom story in the last few years has been fueled by the US economy and its favor for outsourcing jobs to India. Do you think the Indian economy will show confident gains even in the face of a depressing US economy?