Why is HDFC AMC falling/rising?

As of 25-Aug, HDFC Asset Management Company Ltd's stock price is rising, currently at 5,885.00, reflecting an increase of 67.05 or 1.15%. The stock has recently hit a new 52-week and all-time high of Rs. 5,925.5, and it has outperformed its sector by 1.34%. Over the last three days, the stock has gained 3.05%, and it is trading above all key moving averages, indicating strong momentum. The company has demonstrated solid long-term fundamentals, with a robust average return on equity of 28.86% and consistent growth in operating profit. Additionally, it has reported positive results for the last ten consecutive quarters, with net sales and profit figures reaching record highs. However, there is a note of caution regarding falling investor participation, as delivery volume has decreased by 3.08% against the five-day average.
In the broader market context, HDFC AMC's short-term performance has significantly outpaced the benchmark Sensex, which has only risen by 0.45% over the past week, while HDFC AMC has increased by 2.67%. This trend of outperformance is consistent with the stock's year-to-date return of 40.02%, compared to the Sensex's 4.48%. The high institutional holdings at 38.63% suggest confidence among larger investors, which may further support the stock's upward trajectory. However, the stock's valuation is considered expensive with a price-to-book ratio of 15.5, and while it has generated a return of 34.08% over the past year, its profits have only risen by 25.7%, indicating potential concerns about sustainability in growth.