Why is Jigar Cables falling/rising?

As of 20-Oct, Jigar Cables Ltd is experiencing a significant rise in its stock price, currently at Rs 76.00, reflecting an increase of 11.04 points or 17.0%. The stock opened with a gap up of 17% today and has maintained this price level throughout the trading session. It has outperformed its sector by 16.92% today. Additionally, Jigar Cables has shown strong performance over various periods, with a 1-month return of +8.57% and a year-to-date return of +11.93%, although it has a negative return of -15.56% over the past year. The stock is also trading above its moving averages across multiple timeframes, indicating a bullish trend. However, there has been a notable decline in investor participation, with delivery volume dropping by 58.33% compared to the 5-day average. In the broader market context, Jigar Cables' short-term performance is slightly below that of the Sensex, which has returned +2.47% over the past week compared to the stock's +2.43%. However, the stock has significantly outperformed the benchmark over the longer term, with a 3-year return of +204.00% versus the Sensex's +42.50%. This strong long-term performance may contribute to investor confidence, despite the recent drop in trading volume. Overall, the combination of a strong price movement today, positive short-term returns, and a solid long-term performance against the benchmark suggests that the stock's rise is driven by favorable market sentiment, despite some concerns regarding liquidity and trading activity.