Why is Asian Paints falling/rising?

As of 21-Aug, Asian Paints Ltd. is currently priced at 2,571.10, reflecting a slight increase of 1.05 (0.04%). The stock has shown a trend reversal by gaining after two consecutive days of decline, outperforming its sector by 0.68%. Despite a narrow trading range of Rs 16.15, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. However, there has been a notable decline in investor participation, with delivery volume dropping by 61.93% compared to the 5-day average. The company maintains strong long-term fundamentals, evidenced by an average Return on Equity (ROE) of 24.35% and a healthy growth rate in net sales of 13.44% annually. Furthermore, high institutional holdings at 32.89%, which have increased by 5.08% over the previous quarter, suggest confidence in the company's prospects.
In the broader market context, Asian Paints has outperformed the Sensex in the short term, with a 1-week return of +1.65% compared to the Sensex's +1.74%. However, over the past month, Asian Paints has significantly outperformed the benchmark, achieving an 8.06% return while the Sensex has declined by 0.24%. Despite a challenging year with a -18.41% return compared to the Sensex's +1.35%, the company's strong market position, accounting for 69.59% of its sector, and robust sales figures indicate potential for recovery. Overall, the stock's recent upward movement can be attributed to its solid fundamentals and institutional support, despite the recent drop in trading volume.