Why is HDFC AMC falling/rising?

As of 22-Aug, HDFC Asset Management Company Ltd's stock price is currently at 5,817.95, reflecting an increase of 27.95, or 0.48%. The stock has recently hit a new 52-week high of Rs.5868 and has outperformed its sector by 0.92%. It has been on a consecutive gain for the last two days, with a total return of 1.87% during this period. Over the past week, the stock has shown a robust performance, gaining 6.17%, while its year-to-date return stands at an impressive 38.43%. The company has demonstrated strong long-term fundamentals, with an average return on equity of 28.86% and consistent positive results over the last ten quarters, contributing to its upward price movement.
In the broader market context, HDFC AMC's short-term performance significantly outpaces the benchmark Sensex, which has only gained 0.88% over the past week. Despite a decline in investor participation, as indicated by a drop in delivery volume, the stock remains liquid enough for trading. The high institutional holdings at 38.63% suggest confidence from sophisticated investors, further supporting the stock's price. However, the stock's valuation is considered expensive, with a price-to-book value of 15.3, which may pose a risk if market conditions shift. Overall, the combination of strong fundamentals and recent performance against the benchmark contributes to the stock's rising trend.