Why is HDFC AMC falling/rising?

As of 28-Jul, HDFC Asset Management Company Ltd's stock price is currently at 5,566.25, reflecting an increase of 21.9 points or 0.39%. The stock has shown a trend reversal, gaining after four consecutive days of decline. It is also close to its 52-week high, just 1.6% away from Rs 5,655.3. Despite a recent drop in investor participation, as indicated by a 24.49% decrease in delivery volume compared to the 5-day average, the stock has outperformed its sector by 1.76%. Over the past month, HDFC AMC has delivered an impressive return of 8.44%, significantly outperforming the Sensex, which declined by 3.77%. The company has demonstrated strong long-term fundamentals, with a consistent average Return on Equity (ROE) of 28.86% and positive results over the last ten consecutive quarters, contributing to its recent price movement.
In the broader market context, HDFC AMC's short-term performance contrasts favorably with the benchmark, as it has outperformed the Sensex over the past week, where the stock fell by 0.96% compared to the benchmark's 1.59% decline. This relative strength indicates resilience in the stock amidst broader market challenges. However, the stock's valuation is considered expensive, with a Price to Book Value of 14.6, and while it has generated a return of 36.09% over the past year, its profits have only risen by 25.7%, leading to a PEG ratio of 1.8. This suggests that while the stock has strong fundamentals, there are concerns regarding its valuation relative to growth, which could impact future price movements.