I came across concept from below indicator.
Indicator Name: (Relative-Strength by modhelius)
Note: Sorry !! Could not add indicator url here.
RelativeStrength = (sectorValue / sectorValue) / (indexValue / indexValue) - 1 * 100
I used same concept and combine all sector's against Nifty50 index.
How to use:
You can change length based on your convenience and show/hide sectors.
Indicator will show strength line for that sector.
you can use this to identify momentum stocks.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.