Why is Indiamart Inter. falling/rising?

As of 18-Jul, Indiamart Intermesh Ltd's stock price is currently at 2,653.40, reflecting an increase of 16.0 points or 0.61%. The stock has shown a trend reversal by gaining after three consecutive days of decline. It has outperformed its sector by 0.71% today, although there has been a significant drop in investor participation, with delivery volume falling by 80.73% compared to the five-day average. Over the past week, the stock has increased by 1.80%, while it has risen 7.60% over the past month, contrasting with the Sensex, which has declined by 0.90% in the same period. The company boasts strong fundamentals, including a high return on equity (ROE) of 18.31%, a low debt-to-equity ratio, and consistent positive results over the last nine quarters, contributing to its recent price movement.
In the broader market context, Indiamart's short-term performance has been favorable compared to the Sensex, which has seen a decline. The stock's year-to-date return of 17.97% significantly outpaces the Sensex's 4.63% gain, indicating strong relative performance. However, despite the positive growth in profits and a healthy operating profit growth rate of 27.08%, the stock is considered expensive with a high price-to-book value of 7.3. This valuation, coupled with a negative one-year return of -9.07%, suggests that while the company is performing well operationally, market sentiment may be cautious due to its high valuation metrics compared to peers.