Why is Bhatia Colour falling/rising?

As of 24-Oct, Bhatia Colour Chem Ltd is experiencing a price increase, with its current price at Rs 428.00, reflecting a rise of Rs 5.1 or 1.21%. The stock has shown strong performance, with a 1-week return of +3.52% and a 1-month return of +11.17%, significantly outperforming the Sensex, which has returned +0.31% and +3.05% over the same periods, respectively. Additionally, the stock is trading close to its 52-week high, just 0.47% away from Rs 430, and is above its moving averages across various time frames. However, there has been a decline in investor participation, with delivery volume falling by 21.05% compared to the 5-day average, indicating a potential concern for sustained upward momentum.
Broader Market Context: The stock's strong performance is further highlighted by its year-to-date return of +77.01% compared to the Sensex's +7.77%, and an impressive 1-year return of +238.34% against the benchmark's +5.18%. This indicates that Bhatia Colour Chem Ltd is not only rising in price but is also outperforming the broader market significantly. The liquidity of the stock remains adequate, allowing for trades, which may support continued interest despite the recent drop in delivery volume. Overall, the combination of strong returns and proximity to a 52-week high suggests positive sentiment around the stock, even as investor participation shows signs of decline.