Why is Canara Bank falling/rising?

As of 24-Sep, Canara Bank's stock price is currently at Rs. 122.90, reflecting an increase of 1.0 (0.82%). The stock has recently hit a new 52-week high of Rs. 124.6 and has been on a positive trajectory, gaining 6.5% over the last four days. It is outperforming its sector by 1.25% today and is trading above all key moving averages, indicating strong momentum. The stock has shown impressive returns, with a 22.72% increase year-to-date and a remarkable 168.16% rise over the past three years. The company's strong fundamentals, including a low Gross NPA ratio of 2.69% and a high dividend yield of 3.28%, contribute to its attractiveness, further supported by a robust 59.37% CAGR growth in net profits.
In the broader market context, Canara Bank's short-term performance stands in stark contrast to the benchmark, as it has gained 5.72% over the past week while the Sensex has declined by 1.18%. This significant outperformance highlights investor confidence in Canara Bank amidst a challenging market environment. The high institutional holdings at 22.8% suggest that knowledgeable investors are backing the stock, which may also be influencing retail investor sentiment positively. Overall, the combination of strong financial performance, positive market sentiment, and favorable technical indicators are driving the stock's upward movement.