Why is Indigo Paints falling/rising?

As of 14-Nov, Indigo Paints Ltd is currently priced at 1,298.75, reflecting an increase of 4.9 (0.38%). The stock has been on a positive trajectory, gaining for the last six days and achieving a remarkable 31.19% return during this period. However, it opened today with a significant loss of 6.21%, reaching an intraday low of Rs 1,213.45. Despite this, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally upward trend. The company has a low debt-to-equity ratio and a return on equity of 13.5, suggesting an attractive valuation. Additionally, high institutional holdings at 31.48% may provide a buffer against volatility, as these investors typically have more resources to analyze the company's fundamentals.
In the broader market context, Indigo Paints has outperformed the Sensex over the past week, with a return of 29.27% compared to the benchmark's 1.62%. However, over the longer term, the stock has underperformed, with a year-to-date return of -7.71% versus the Sensex's 8.22%. The stock's recent performance indicates a strong recovery in the short term, but the overall trend remains concerning due to its negative returns over the past year and three years. The falling investor participation, as evidenced by a 9.43% decline in delivery volume, may also contribute to the stock's volatility despite its recent gains.