Why is Asian Paints falling/rising?

As of 02-Jul, Asian Paints Ltd. is experiencing a price increase, currently at Rs 2,419.85, reflecting a rise of Rs 51.0 or 2.15%. The stock has shown positive momentum, gaining 3.35% over the last two days and outperforming its sector by 0.7% today. Despite a recent intraday high of Rs 2,429.9, the stock's delivery volume has decreased by 11% compared to the five-day average, indicating a potential decline in investor participation. While the company has demonstrated strong long-term fundamentals with an average Return on Equity (ROE) of 24.35% and a healthy growth rate in net sales, it has also faced challenges, including negative results for the last three consecutive quarters and a significant drop in profits.
In the broader market context, Asian Paints has outperformed the Sensex in the short term, with a 6.16% return over the past week compared to the benchmark's 0.79%. However, the stock has underperformed over the longer term, with a 17.31% decline in the past year versus a 5.00% increase in the Sensex. This consistent underperformance over three years, coupled with high institutional holdings at 27.81%, suggests that while there is confidence in the company's long-term potential, recent financial results may be weighing on investor sentiment.