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

As of 05-Sep, Info Edge (India) Ltd's stock price is currently at 1,346.05, reflecting an increase of 5.05 or 0.38%. The stock has shown a trend reversal by gaining after three consecutive days of decline, outperforming its sector by 1.59%. Despite this positive movement today, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has decreased by 0.89%, while it has seen a slight increase of 0.29% over the past month. The company has reported positive results for the last three consecutive quarters, with significant growth in net sales, profit before tax, and profit after tax, which may contribute to the recent uptick in stock price. However, the stock's valuation remains a concern, with a high Price to Book Value ratio and a low return on equity.
Broader market context indicates that while Info Edge (India) has underperformed the Sensex over the year with a return of -10.01% compared to the benchmark's -1.81%, it has outperformed the Sensex over the past three years, with a return of 58.17% against the benchmark's 36.23%. The stock's recent performance may be influenced by rising investor participation, as evidenced by a significant increase in delivery volume. However, the overall market sentiment appears cautious due to the stock's expensive valuation relative to its peers, which could limit its upside potential despite positive quarterly results and strong institutional holdings.