Why is Esab India falling/rising?

As of 19-Nov, Esab India Ltd's stock price is currently at 5,463.00, reflecting a decrease of 6.8 points or 0.12%. The stock has recently outperformed its sector by 1.09%, although it has experienced a trend reversal after two consecutive days of gains. Despite this recent decline, the stock has shown positive performance over the past week and month, with returns of 5.52% and 9.81%, respectively. However, it has underperformed significantly on a year-to-date basis with a decline of 7.54% and a one-year return of -12.63%. The stock is trading above its moving averages, indicating some strength, but a notable drop in investor participation, with delivery volume falling by 45.13%, suggests weakening interest among investors. The company boasts strong long-term fundamentals, including a high return on equity and significant growth in operating profit, but it also faces challenges with a high valuation and underperformance compared to broader market indices.
In the broader market context, Esab India's short-term performance has been notably better than the benchmark Sensex, which has only gained 0.85% over the past week. However, the stock's long-term performance has been disappointing, with negative returns over the past year and three years compared to the Sensex's positive returns. This contrast highlights the stock's struggle to maintain investor confidence despite its strong fundamentals, as reflected in its high price-to-book value and the recent decline in trading volume. Overall, while the stock has shown some resilience in the short term, the combination of declining investor participation and long-term underperformance raises concerns about its future trajectory.