Why is Indigo Paints falling/rising?

As of 12-Nov, Indigo Paints Ltd is experiencing a price increase, currently at Rs 1,236.50, which reflects a rise of Rs 29.7 or 2.46%. The stock has shown strong performance over the past four days, gaining 24.91% during this period. Despite today's performance underperforming the sector by 1.1%, the stock reached an intraday high of Rs 1,239.5. It is also trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a positive trend. The company has a low debt-to-equity ratio and an attractive valuation with a return on equity of 13.5%, which supports its recent upward movement. Additionally, high institutional holdings at 31.48% suggest confidence from knowledgeable investors, further bolstering the stock's performance.
In the broader market context, Indigo Paints has significantly outperformed the benchmark Sensex over the past week, with a return of +24.05% compared to the Sensex's +1.21%. However, the stock has underperformed on a year-to-date basis, with a decline of -12.14% against the Sensex's gain of +8.10%. The recent increase in delivery volume by 67.56% indicates rising investor participation, which may contribute to the stock's upward momentum. Overall, while the stock has faced challenges over the longer term, its recent performance and positive investor sentiment suggest a potential recovery phase.