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"If you buy the S&P 500 today, you are basically buying a handful of companies that make up 34% of the index," Torsten Sløk wrote.
A relatively firmer macro-economic position coupled with inflow of foreign and domestic funds is keeping the optimism high among Indian stock market participants.
From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, UltraTech Cement, ITC, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers.
The S&P 500 tends to slide 0.7% on average in September but its surge year-to-date means it's well-placed to buck the trend, strategists said.
The coming recession has only been postponed by the surprising strength of the US economy but it's still coming, JPMorgan's Dubravko Lakos said.