Why is eClerx Services falling/rising?

As of 18-Sep, eClerx Services Ltd is experiencing a slight increase in its stock price, currently at Rs 4,416.75, reflecting a change of 7.65 (0.17%) upward. The stock has been gaining for the last three days, with a total return of 1.18% during this period. It reached an intraday high of Rs 4,530, which is a 2.74% increase. Despite this positive movement, there has been a notable decline in investor participation, with delivery volume falling by 71.69% compared to the five-day average. The company demonstrates strong fundamentals, including a high return on equity of 24.05%, a low debt-to-equity ratio, and increasing institutional holdings, which have risen by 0.96% over the previous quarter. These factors contribute to the stock's resilience and recent upward movement.
In the broader market context, eClerx Services has underperformed compared to the Sensex over the past week, with a decline of 1.67% against the benchmark's increase of 1.80%. However, over the longer term, the stock has significantly outperformed the benchmark, with a year-to-date return of 26.45% compared to the Sensex's 6.24%. This strong performance over the past year and three years, where it generated returns of 63.37% and 198.26% respectively, indicates a solid position in the market. Despite the recent dip in trading volume, the stock's overall performance and institutional backing suggest a stable outlook amidst broader market fluctuations.