Why is Info Edg.(India) falling/rising?

As of 20-Aug, Info Edge (India) Ltd is experiencing a price increase, currently at Rs 1,393.60, reflecting a rise of Rs 23.4 or 1.71%. The stock has shown a positive trend over the last two days, gaining 2.75% during this period. Despite today's performance being slightly below the sector average by 0.72%, the stock has outperformed the benchmark Sensex over the past week with a return of 5.06% compared to the Sensex's 1.64%. The company has reported positive results for the last three consecutive quarters, with significant growth in net sales and profit after tax, which may have contributed to the recent upward movement in stock price. However, the stock's valuation appears expensive with a high Price to Book Value ratio, and it has underperformed over the year with a return of -5.80%.
Broader market context indicates that while Info Edge has shown strong short-term performance, it has lagged behind the benchmark in year-to-date returns, with a decline of 19.92% compared to the Sensex's gain of 4.76%. The IT - Software sector has gained by 2.37%, which may provide a supportive backdrop for Info Edge's recent price increase. However, a notable decline in investor participation, with delivery volume dropping by 48.06% against the five-day average, raises concerns about the sustainability of this upward trend. Overall, while the stock is currently rising, its long-term performance and high valuation relative to peers may pose risks for investors.