Why is Adani Power falling/rising?

As of 29-Aug, Adani Power Ltd is experiencing a price increase, currently at Rs 600.75, reflecting a rise of 5.5 points or 0.92%. The stock has shown a positive trend recently, gaining for the last two days with a total return of 1.51%. Despite touching an intraday low of Rs 583.35, it is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock has outperformed its sector by 1.33%. However, there is a noted decline in investor participation, with delivery volume dropping by 2.78% compared to the 5-day average. On a longer-term basis, the stock has demonstrated healthy growth, with net sales increasing at an annual rate of 18.32% and operating profit rising by 66.27%, which supports its recent upward movement.
In the broader market context, Adani Power's short-term performance contrasts with the benchmark Sensex, which has declined by 1.84% over the past week while Adani Power has risen by 1.03%. This indicates that the stock is performing well relative to the overall market. Year-to-date, Adani Power has gained 13.53%, significantly outperforming the Sensex's 2.14% increase. The strong performance of Adani Power, coupled with its solid fundamentals, suggests that it is gaining investor confidence despite the slight decrease in trading volume.