Why is ONGC falling/rising?

As of 01-Sep, Oil & Natural Gas Corporation Ltd. (ONGC) is experiencing a price increase, currently at Rs 238.70, reflecting a rise of 4.9 points or 2.1%. The stock has outperformed its sector by 1.58% today and has shown a consecutive gain over the last two days, with a total return of 2.25% during this period. The stock reached an intraday high of Rs 239.2, and its delivery volume has increased by 8.19% against the 5-day average, indicating rising investor participation. Despite a year-to-date decline of 0.15% and a significant drop of 27.80% over the past year, ONGC maintains a strong ability to service debt, a healthy long-term growth trajectory, and a high dividend yield of 4.8%, which contributes positively to its recent price movement.
In the broader market context, ONGC's short-term performance has been notably better than the benchmark Sensex, which has declined by 1.56% over the past week while ONGC gained 0.87%. This contrast highlights the stock's relative strength in a challenging market environment. However, it is important to note that ONGC has underperformed the market over the last year, with a return of -27.80% compared to the Sensex's -2.43%. The company's high institutional holdings at 37.23% suggest that knowledgeable investors are backing the stock, which may provide some stability despite its past performance.