Why is Larsen & Toubro falling/rising?

As of 31-Oct, Larsen & Toubro Ltd. is experiencing a price increase, currently at Rs 4,031.20, reflecting a rise of 43.4 points or 1.09%. The stock has shown strong performance recently, gaining 2.01% over the last two days and is just 0.78% away from its 52-week high. It has outperformed its sector by 0.75% today and is trading above all its moving averages, indicating positive momentum. Additionally, the stock has delivered a return of 11.22% over the past year, with profits increasing by 19.2%, suggesting a solid underlying performance. The high institutional holding of 63.08% indicates confidence from more sophisticated investors, which can positively influence retail investor sentiment.
In the broader market context, Larsen & Toubro's short-term return of +3.25% over the past week contrasts with the Sensex, which has declined by 0.32%. This outperformance highlights the stock's resilience amid a challenging market environment. Furthermore, the stock's long-term performance has been impressive, with a 99.17% increase over three years compared to the benchmark's 38.18%. The company's attractive valuation, trading at a discount to peers, along with its significant market capitalization and sales dominance in the sector, further supports its positive trajectory in the market.