Why is ICICI Lombard falling/rising?

As of 14-Jul, ICICI Lombard General Insurance Company Ltd is experiencing a price increase, currently at 2,024.90, reflecting a rise of 10.75 or 0.53%. The stock has shown positive momentum, having outperformed its sector by 0.45% today and achieving consecutive gains over the last two days, with a total return of 1.39% during this period. Additionally, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong upward trend. The company has also seen increased investor participation, with delivery volume rising by 2.41% against the 5-day average. While the stock has generated an 8.58% return over the past year, it is trading at a premium valuation compared to its peers, which may be a concern for some investors.
In the broader market context, ICICI Lombard's short-term performance has been favorable compared to the benchmark Sensex, which has declined by 1.42% over the past week while the stock itself has risen by 0.19%. This indicates that the stock is gaining traction even as the overall market faces challenges. However, potential risks include flat results reported for March 25, which showed the lowest operating profit margins and a high price-to-book value ratio, suggesting that while the company has strong fundamentals and high institutional holdings, its valuation may be considered expensive relative to its earnings growth.