Why is Max India Ltd falling/rising?

As of 11-Sep, Max India Ltd is experiencing a decline in its stock price, currently at 215.10, which reflects a decrease of 3.8 or 1.74%. The stock has underperformed its sector significantly, with a performance today that is down by 100.19%. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The delivery volume has also seen a substantial drop of 66.02% compared to the 5-day average, suggesting a decrease in investor participation. Year-to-date, the stock has fallen by 16.35%, contrasting with a modest gain of 4.36% in the benchmark index.
In the broader market context, while the Sensex has shown a positive return of 1.03% over the past week, Max India Ltd has declined by 2.65% during the same period, highlighting its underperformance relative to the market. Over the past month, however, the stock has gained 4.29%, which is better than the Sensex's 1.17% increase, indicating some recovery potential. Despite this, the overall year-to-date performance and the recent drop in trading activity suggest that investor sentiment remains cautious, contributing to the stock's current downward trajectory.