Why is Nuvama Wealth falling/rising?

As of 07-Jul, Nuvama Wealth Management Ltd's stock price is currently at 7,500.80, reflecting an increase of 237.7 points or 3.27%. Today's price summary indicates that the stock outperformed its sector by 3.27%, reaching an intraday high of Rs 7589.95, which is a 4.5% increase. The stock has shown strong long-term fundamental strength, with a notable average Return on Equity (ROE) of 28.26% and significant growth in net sales and operating profit. However, it also faces risks, including a high Price to Book Value ratio of 7.7 and the fact that 62.8% of promoter shares are pledged, which could exert downward pressure in a falling market.
In the broader market context, the stock has underperformed the benchmark over the past week, with a return of -8.78% compared to the Sensex's -0.20%. However, on a monthly basis, Nuvama's stock has gained 1.80%, slightly lagging behind the Sensex's 1.53% return. Year-to-date, the stock has outperformed the market with an 8.30% increase compared to the Sensex's 6.79%. The strong performance over the past year, with a return of 57.23% against the market's 4.31%, highlights the stock's resilience and appeal to investors despite the risks associated with high promoter pledging and valuation concerns.