Why is Ather Energy falling/rising?

As of 17-Jul, Ather Energy Ltd's stock price is rising, currently at Rs. 351.70, reflecting an increase of Rs. 11.4 or 3.35%. The stock has recently outperformed its sector by 3.2% and opened with a gain of 2.28% today. It reached a new 52-week and all-time high of Rs. 358.8 during intraday trading, marking a 5.44% increase. Additionally, the stock has shown a positive trend reversal after two consecutive days of decline and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. However, there has been a notable decrease in investor participation, with delivery volume falling by 73.72% against the 5-day average, which may indicate a potential concern for sustained momentum.
In the broader market context, Ather Energy's short-term performance has been strong, with a 6.75% increase over the past week, contrasting sharply with the Sensex, which has declined by 1.12% during the same period. Over the past month, Ather Energy has risen by 9.62%, while the Sensex has only gained 0.83%. This significant outperformance suggests that Ather Energy is gaining traction among investors, despite the overall market conditions. The liquidity of the stock remains adequate for trading, with a value of Rs. 0.69 crore based on 2% of the 5-day average traded value, further supporting its recent price rise.