Why is J&K Bank falling/rising?

As of 16-Jul, The Jammu & Kashmir Bank Ltd. is experiencing a price increase, currently at 115.50, reflecting a rise of 2.6 or 2.3%. The stock has been gaining momentum, having outperformed its sector by 0.48% today and achieving a consecutive gain over the last three days, with a total return of 6.16% during this period. It reached an intraday high of Rs 116.35, and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The stock's strong performance is supported by robust fundamentals, including a high provision coverage ratio of 75.58% and a significant long-term net profit growth rate of 30.79%. Despite some flat results reported in March, the overall positive sentiment is bolstered by consistent returns over the past three years and a favorable valuation compared to peers.
In the broader market context, J&K Bank's short-term return of +2.80% over the past week stands in stark contrast to the Sensex, which has declined by 1.08% during the same period. This indicates that the stock is not only performing well relative to its own historical performance but also significantly outperforming the broader market. The stock's year-to-date return of +14.55% further emphasizes its strength, especially when compared to the Sensex's +5.75% return. This divergence suggests that investor confidence in J&K Bank is strong, likely driven by its solid financial metrics and growth prospects, making it an attractive investment option amidst a challenging market environment.