Why is Indiamart Inter. falling/rising?

As of 22-Aug, Indiamart Intermesh Ltd's stock price is currently at 2,671.50, reflecting an increase of 11.5 points or 0.43%. The stock has been on a positive trajectory, gaining for the last five days with a total return of 4.65% during this period. It is also trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating strong momentum. Despite a slight decline in delivery volume, the company has demonstrated high management efficiency, a low debt-to-equity ratio, and consistent positive results over the last nine quarters, which contribute to its favorable outlook. However, the stock is considered expensive based on its valuation metrics, which may temper some investor enthusiasm.
In the broader market context, Indiamart's short-term performance significantly outpaces the benchmark Sensex, which has only increased by 0.88% over the same week. The stock's year-to-date return of 18.78% also contrasts with the Sensex's 4.05% gain, highlighting its relative strength. This strong performance is supported by high institutional holdings, suggesting confidence from more sophisticated investors. Nonetheless, the stock's negative return of 8.20% over the past year, despite a substantial profit increase, indicates potential concerns about its valuation in relation to historical averages, which could impact future investor sentiment.