Why is Canara Bank falling/rising?

As of 01-Jul, Canara Bank's stock price is currently at Rs 115.40, reflecting an increase of Rs 1.2 or 1.05%. The stock has shown a strong performance recently, gaining 3.96% over the last two days and outperforming its sector by 0.33%. It is trading close to its 52-week high, just 4.16% away from Rs 120.2. The stock has demonstrated robust returns over various periods, including a 15.23% increase year-to-date and a remarkable 211.81% rise over the past three years. The company's strong fundamentals, highlighted by a low Gross NPA ratio of 2.94% and a significant 57.25% CAGR growth in net profits, contribute positively to its stock performance. Additionally, the high dividend yield of 3.5% and strong institutional holdings at 22.4% indicate confidence from larger investors.
In the broader market context, Canara Bank's short-term return of 4.29% over the past week significantly outpaces the Sensex's return of 2.00%, suggesting that the stock is gaining traction relative to the overall market. The liquidity of the stock, with a delivery volume increase of 28.49% against the five-day average, further supports its rising price. The positive sentiment surrounding the bank's financial health, coupled with its attractive valuation and strong institutional backing, positions it favorably in the market, contributing to its upward price movement.