Why is Jio Financial falling/rising?

As of 11-Aug, Jio Financial Services Ltd's stock price is currently at Rs 327.80, reflecting an increase of Rs 6.25 or 1.94%. The stock has shown a trend reversal by gaining after four consecutive days of decline, and it outperformed its sector by 1.25% today. The stock reached an intraday high of Rs 328.55, indicating positive momentum. Despite a recent decline in delivery volume, which fell by 46.78% compared to the 5-day average, the stock remains above its 20-day, 50-day, 100-day, and 200-day moving averages. The company has demonstrated strong long-term fundamental strength, with impressive growth in net sales and operating profits, which may contribute to investor confidence and support the recent price increase.
In the broader market context, Jio Financial's short-term performance over the past week shows a decline of 1.72%, while the benchmark Sensex has decreased by only 0.51%. However, over the past month, Jio Financial has outperformed the Sensex, gaining 0.61% compared to the benchmark's drop of 2.30%. The stock's high institutional holdings at 27.17% suggest that knowledgeable investors are backing the company, which may provide additional stability and confidence in its future performance. Overall, the combination of a recent price increase, strong fundamentals, and institutional support appears to be positively influencing the stock's movement despite some short-term volatility.