FMCG's leadership and out-performance is not a good news for NIFTY itself, for NIFTY usually gets mired into Correctives during such phases.
One instance that stands out is the 2010-2013 period.
The inverse relationship can otherwise be deciphered easily.

More from Piyush Chaudhry
#repost
On the last two instances, when #Brent #CrudeOil crossed 90, NIFTY (in Blue - Left scale) underwent Correction both the times. This is the third such instance.
— Piyush Chaudhry (@piyushchaudhry) February 12, 2022
Below 90, NIFTY & Brent have had positive correlation, with 90 acting as an inflection point & causing the Divergence. pic.twitter.com/Q9dj8YFpuV