Why is Asian Paints falling/rising?

As of 29-Aug, Asian Paints Ltd. is experiencing a rise in its stock price, currently at 2,517.40, reflecting an increase of 26.25 or 1.05%. The stock has shown a positive performance over the last two days, gaining 1.2% during this period. Despite a decline in delivery volume by 47.82% against the 5-day average, the stock remains liquid enough for trading. In terms of returns, Asian Paints has outperformed the Sensex in the short term, with a 1-week return of +0.53% compared to the benchmark's -1.84%. The company boasts strong long-term fundamentals, including an average Return on Equity (ROE) of 24.35% and healthy net sales growth at an annual rate of 13.44%. Additionally, high institutional holdings at 32.89% indicate confidence from larger investors, which has increased by 5.08% over the previous quarter.
In the broader market context, while Asian Paints has shown resilience with a year-to-date return of +10.31%, the Sensex has only returned +2.14% during the same period. This suggests that the stock is gaining traction relative to the overall market, especially given its significant market capitalization of Rs 2,38,951 cr, which constitutes 69.33% of the sector. However, the stock's performance over the longer term has been mixed, with a 1-year decline of -19.39% and a 3-year decline of -24.71%, contrasting sharply with the Sensex's positive performance over the same periods. This divergence highlights the stock's volatility and the challenges it faces despite its current upward movement.