Catch up Game or Real Strength

Deepak Singh in his insight into the latest stock market surge http://www.theindiastreet.com/2008/05/catch-up-game-or-real-strength.htm...
says that the recent surge in the Indian stock markets are more of a "catch up game" with the global markets.
According to him, one sector does brilliantly in one week but loses favor in the other week which indicates that the surge is not really a sign of strength, but a rally due to the global markets.
Inflation hasent helped the market either and the market needs some influence and some leadership to carry on the rally.

Do you agree with the statement? What do you think?