Why is Indokem falling/rising?

As of 23-Oct, Indokem Ltd's stock price is rising, currently at Rs. 568.00, reflecting an increase of Rs. 19.0 or 3.46%. The stock has recently hit a new 52-week and all-time high of Rs. 576, indicating strong upward momentum. It has outperformed its sector by 4.01% today and has shown consistent gains over the last three days, with a total return of 5.66% during this period. Additionally, the stock has demonstrated impressive long-term performance, with year-to-date returns of 475.48% and a staggering 584.34% increase over the past year. However, there has been a decline in investor participation, as evidenced by a 22.09% drop in delivery volume compared to the five-day average, which may raise concerns about sustainability.
Broader market context shows that Indokem's short-term performance significantly outpaces the benchmark, with a 5.53% increase over the past week compared to the Sensex's 1.30% rise. This strong relative performance highlights the stock's resilience and attractiveness to investors amidst broader market movements. The liquidity of the stock remains adequate for trading, as it is based on 2% of the five-day average traded value. Overall, while the stock is experiencing a positive trend, the falling investor participation could be a factor to monitor moving forward.