Why is Arihant Capital falling/rising?

As of 24-Jun, Arihant Capital Markets Ltd is experiencing a price increase, currently at Rs 78.33, which reflects a rise of 4.31 or 5.82%. The stock opened with a gain of 3.28% today and reached an intraday high of Rs 80.7, marking a 9.02% increase. Despite this positive movement, there are concerns regarding falling investor participation, as the delivery volume has decreased by 45.15% compared to the 5-day average. The stock has outperformed its sector by 4.9%, and over the past week and month, it has shown returns of 4.23% and 11.07%, respectively. However, the year-to-date performance remains negative at -20.32%, indicating a longer-term struggle despite recent gains.
In the broader market context, the Sensex has shown a modest increase of 0.58% over the past week and 0.41% over the past month, which suggests that while Arihant Capital is performing well in the short term, it is still lagging behind the overall market trends year-to-date. The stock's performance over the last year is slightly better than the benchmark, with a return of 6.75% compared to the Sensex's 6.10%. However, the significant drop in investor participation and the stock's underperformance over longer periods, such as the year-to-date and three-year returns, may temper enthusiasm despite the recent price rise.