Why is Cummins India falling/rising?

As of 23-Jul, Cummins India Ltd. is experiencing a price increase, currently at 3,606.80, reflecting a rise of 16.8 points or 0.47%. The stock has shown strong performance over the past month with a return of 10.57%, significantly outperforming the Sensex, which only increased by 1.01%. Despite today's performance indicating a slight underperformance against its sector by 0.34%, Cummins India is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a positive trend. However, there is a notable decline in investor participation, with delivery volume falling by 39.64% compared to the 5-day average. The company boasts strong long-term fundamentals, including a healthy return on equity (ROE) of 20.76% and a low debt-to-equity ratio, which supports its valuation despite being considered expensive relative to peers.
In the broader market context, Cummins India's short-term return of 1.54% over the past week is significantly higher than the Sensex's modest gain of 0.11%. This indicates that the stock is currently outperforming the market, which could be attributed to its strong institutional holdings of 40.15%, suggesting confidence from larger investors. However, the stock's valuation concerns, particularly its high price-to-book ratio and a PEG ratio of 3.1, may pose risks for future performance, especially given the flat results reported in March 2025. Overall, while the stock is rising, the combination of strong fundamentals and valuation concerns creates a complex picture for investors.