Why is Mangalam Alloys falling/rising?

As of 12-Jun, Mangalam Alloys Ltd is experiencing a rise in its stock price, currently at Rs.60.35, reflecting an increase of Rs.2.85 or 4.96%. The stock has recently hit a new 52-week high today and has outperformed its sector by 6.48%. Additionally, it is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong upward trend. However, there has been a notable decline in investor participation, with delivery volume dropping by 60.57% against the 5-day average, which may raise concerns about the sustainability of this price increase.
In the broader market context, Mangalam Alloys has shown impressive returns, with a 1-week increase of 22.54% compared to a modest 0.55% rise in the Sensex. Over the past month, the stock has surged by 87.13%, while the benchmark has slightly decreased by 0.15%. Year-to-date, Mangalam Alloys has gained 49.01%, significantly outperforming the Sensex's 5.26% increase. This strong performance relative to the benchmark suggests that investor sentiment towards Mangalam Alloys remains positive, despite the recent drop in delivery volumes.