Why is Max India Ltd falling/rising?

As of 22-Sep, Max India Ltd is currently priced at 209.70, reflecting an increase of 3.25 or 1.57%. Despite this uptick, the stock has underperformed its sector significantly, with a performance today that is 100.19% lower than the sector average. Additionally, Max India Ltd is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The stock has also seen a notable decline in investor participation, with delivery volume dropping by 66.02% compared to the 5-day average. Over the past week, the stock has decreased by 3.92%, and year-to-date, it has fallen by 18.45%, suggesting ongoing challenges despite the recent price increase.
Broader market context shows that while the Sensex has gained 0.46% over the past week, Max India Ltd's performance has lagged behind, indicating a divergence from the overall market trend. Year-to-date, the benchmark has risen by 5.15%, contrasting sharply with Max India Ltd's decline. This underperformance highlights the stock's struggles in a generally positive market environment, further compounded by the lack of available positive factors to support its recent price movement.