This study was conducted in the Australian context where the potential impact of four independent input variables on the ASX index for the financial sector were tested. Four sub periods and specific scenarios were constituted to look at the impact of selected independent variables on the ASX index for the financial sector. It is evident from the sub period wise analysis, that in all the periods as well as in the specific scenarios, during COVID-19, there is strong and significant positive relation with NASDAQ and Crude Oil Prices, whereas foreign exchange rate has a significant negative relation continuously. However, after the start of the Ukrainian war, the ASX index is showing a low but significant negative correlation with Crude oil prices, though the overall relation seems to be positive and strong. It has been revealed that though the variables NASDAQ and Crude oil prices have not been effective in the short term, but the long-term association of variables is strong and predictive.