Why is New India Assura falling/rising?

As of 30-Jun, New India Assurance Company Ltd's stock price is rising, currently at Rs 191.45, reflecting an increase of Rs 7.75 or 4.22%. The stock has shown a positive performance today, outperforming its sector by 3.7% and reversing a trend after two consecutive days of decline. It reached an intraday high of Rs 193.8, representing a 5.5% increase. Additionally, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bullish trend. However, despite this short-term gain, the stock has underperformed over the past year with a return of -19.20%, and its operating profit has declined at an annual rate of -9.23%, which raises concerns about its long-term growth potential.
In the broader market context, the stock's short-term return of +2.87% over the past week surpasses the Sensex's return of +2.09%, suggesting that it is gaining traction relative to the market. However, the stock has significantly lagged behind the benchmark over the last year, where the Sensex has returned +5.79% while New India Assurance has faced a decline. The low participation from domestic mutual funds, holding only 0.64% of the company, may indicate a lack of confidence in its valuation, which is considered expensive compared to peers. This combination of short-term gains amidst long-term concerns reflects the complex dynamics influencing the stock's recent price movement.