Why is ICICI Lombard falling/rising?

As of 25-Sep, ICICI Lombard General Insurance Company Ltd is experiencing a slight increase in its stock price, currently at 1,882.70, reflecting a change of 4.25 (0.23%) upward. Today's price summary indicates that the stock has outperformed its sector by 1.59%, and it is trading higher than its 5-day, 20-day, and 200-day moving averages, although it remains below its 50-day and 100-day moving averages. The stock has seen a rise in investor participation, with a delivery volume of 5.62 lacs on September 24, which is up by 49.52% compared to the 5-day average. Despite a year-to-date return of +5.01%, the stock has underperformed over the past year with a return of -16.77%, while its profits have increased by 26.9%. The company boasts strong long-term fundamentals, including an average Return on Equity (ROE) of 16.56% and healthy growth in operating profit at an annual rate of 15.10%. However, it is considered very expensive with a Price to Book Value of 6.5, which may deter some investors.
In the broader market context, the stock's recent performance contrasts with the benchmark, as it has outperformed the Sensex over the past week and month, where the Sensex has declined by 2.23% and 0.58%, respectively. Despite this short-term outperformance, the stock has significantly underperformed the market over the last year, where the BSE500 index fell by -5.88%. The high institutional holdings at 41.55% suggest confidence from larger investors, who typically have more resources to analyze the company's fundamentals. However, the stock's premium valuation compared to its peers and its substantial decline over the past year may raise concerns among potential investors, impacting its overall attractiveness in the market.