Macro: Is there a relationship between US Treasury and NIFTY 50 returns?

We often hear pundits talk about moves in US treasuries when discussing the NIFTY. Is there a connection? And more importantly, is there a connection that can be exploited?

Two-year US Treasury weekly returns vs. subsequent NIFTY 50 returns

Ten-year US Treasury weekly returns vs. subsequent NIFTY 50 returns

It doesn’t look like there is a link between the two on a weekly basis. Maybe it works in subtler ways (“sentiment”) but it doesn’t look like moves in US Treasuries can be used to trade the NIFTY 50.