This study investigated the correlation between four macro-economic variables with a combination of international and domestic variables and their impact on the dependent variable – Australian Securities Exchange (ASX) index for financial sector. Data for this study was collected from publicly available sources and, consequently multiple regression analysis & multi-collinearity tests were performed. The association of independent variables with the dependent variable was analyzed for the entire five years. Results from the initial analysis conducted indicated that the index from ASX had a high and significant correlation with the index from NASDAQ and crude oil prices. The correlation between ASX and Foreign exchange rates was negative and low statistically significant. However, the relation with London stock index was poor and statistically non-significant. It was observed that there are fluctuations during some of the intermittent periods signifying shocks, due to the influence of certain global events that caused disruptions and turbulence like the outbreak of COVID-19 pandemic, Ukrainian war etc. These observations could be put to immediate use and the entire data was split into four different but significant phases. It is evident from the analysis that ASX index has shown strong positive relation with NASDAQ index and with Crude oil prices.