Why is Asian Paints falling/rising?

As of 01-September, Asian Paints Ltd. is experiencing a price increase, currently at Rs 2,571.10, reflecting a rise of Rs 53.7 or 2.13%. The stock has been gaining momentum, with a consecutive gain over the last three days and a total return of 3.36% during this period. It has also reached an intraday high of Rs 2,577, indicating positive trading activity. In terms of performance against benchmarks, Asian Paints has outperformed the Sensex over the past week and month, with returns of +3.07% and +5.83%, respectively. The company benefits from strong long-term fundamentals, including a robust average Return on Equity (ROE) of 24.35% and a low Debt to Equity ratio, which supports its healthy growth trajectory.
In the broader market context, while Asian Paints has shown positive short-term returns, the Sensex has declined by -1.56% over the past week and -0.29% over the past month, highlighting the stock's relative strength in a challenging market environment. The paint sector overall has gained by 2%, which aligns with Asian Paints' performance. However, there is a noted decrease in investor participation, with delivery volume falling by -24.61% against the five-day average, suggesting some caution among retail investors. Despite this, the high institutional holdings at 32.89% and their increased stake indicate confidence in the company's long-term prospects, which may contribute to the stock's upward movement.