Why is Canara Bank falling/rising?

As of 23-Sep, Canara Bank's stock price is rising, currently at Rs. 121.90, reflecting an increase of Rs. 3.05 or 2.57%. The stock has recently hit a new 52-week high of Rs. 122.15 and has outperformed its sector by 1.51%. Over the past three days, the stock has gained 5.63%, and it is trading above all key moving averages, indicating strong momentum. Additionally, the stock has shown impressive returns of 7.69% over the past week and 10.87% over the past month, significantly outperforming the Sensex, which has seen a decline of 0.34% in the same week and a modest gain of 0.98% over the month. The strong fundamentals, including a low Gross NPA ratio of 2.69% and a high dividend yield of 3.37%, further support the stock's upward movement.
Broader Market Context: The broader market context shows that while the Sensex has struggled recently, Canara Bank has consistently delivered strong returns, with a year-to-date increase of 21.72% compared to the Sensex's 5.07%. The stock's performance is bolstered by high institutional holdings at 22.8%, which suggests confidence from knowledgeable investors. Furthermore, the company's robust financial health, marked by a 59.37% CAGR growth in net profits and a favorable PEG ratio of 0.3, enhances its attractiveness in the current market environment. Overall, Canara Bank's strong performance relative to the benchmark and its solid fundamentals contribute to its rising stock price.