Why is Max Estates falling/rising?

As of 12-Sep, Max Estates Ltd is experiencing a price increase, currently at 444.05, which reflects a rise of 4.4 or 1.0%. The stock has outperformed its sector by 0.9% today, although it is trading higher than its 5-day moving averages but lower than its 20-day, 50-day, 100-day, and 200-day moving averages. Despite a recent decline in investor participation, with delivery volume falling by 25.98% against the 5-day average, the company has shown strong financial performance with a significant growth in PAT and net sales over the last nine months. Additionally, the low debt-to-equity ratio and high institutional holdings at 33.4% suggest a level of confidence among more sophisticated investors, which may contribute positively to the stock's recent movement.
In the broader market context, Max Estates has outperformed the Sensex in the short term, with a 1-week return of +2.84% compared to the Sensex's +1.48%. However, the stock has struggled over longer periods, with a year-to-date decline of -21.82% against the Sensex's +4.82%. This underperformance in the long term, coupled with a negative annual growth rate in operating profit and a high price-to-book value ratio, raises concerns about the stock's valuation and future growth potential. Despite the recent positive price movement, the overall trend indicates challenges that could affect investor sentiment moving forward.