Why is Asian Paints falling/rising?

As of 06-Aug, Asian Paints Ltd. is experiencing a price increase, currently at Rs 2,491.30, reflecting a rise of 53.4 points or 2.19%. The stock has shown a positive performance today, outperforming its sector by 0.72%, and reached an intraday high of Rs 2,505.4, marking a 2.77% increase. Over the past week, the stock has gained 3.15%, while it has also outperformed the benchmark Sensex, which has declined by 1.15%. Despite the positive short-term movements, the company has faced challenges, including negative results for the last four consecutive quarters and a decline in profits. However, its strong long-term fundamentals, such as a healthy return on equity and low debt-to-equity ratio, along with increased institutional holdings, suggest a degree of confidence among larger investors.
In the broader market context, Asian Paints' recent performance contrasts sharply with the benchmark, as it has managed to rise while the Sensex has fallen. The stock's year-to-date return of 9.17% significantly outpaces the Sensex's 3.08% gain, indicating a relative strength in the short term. However, the stock has underperformed over the longer term, with a 19.38% decline over the past year compared to the Sensex's modest gain of 2.48%. This mixed performance highlights the volatility and challenges faced by Asian Paints, despite its current upward price movement.