Why is ONGC falling/rising?

As of 24-Oct, Oil & Natural Gas Corporation Ltd. is experiencing a price increase, currently at Rs 254.85, reflecting a change of 2.45 (0.97%) upward. The stock has shown strong performance recently, gaining 2.74% over the last two days and outperforming its sector by 0.68% today. It has also touched an intraday high of Rs 257.45. The stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a positive trend. Additionally, the company has a low Debt to EBITDA ratio of 1.41 times, strong net sales growth of 11.73% annually, and a high institutional holding of 37.23%, which suggests confidence from larger investors. However, it is important to note that the stock has faced challenges, including a decline in profits by 20.9% over the past year and a flat performance in June 25 results, which may temper some investor enthusiasm.
In the broader market context, the stock has outperformed the benchmark Sensex over the past week and month, with returns of 2.89% and 6.83%, respectively, compared to the Sensex's 0.31% and 3.05%. Despite this positive short-term performance, the stock has underperformed on a year-over-year basis, with a decline of 5.26% against the Sensex's gain of 5.18%. This contrast highlights the stock's volatility and the mixed sentiment among investors, as the company's high dividend yield of 4.95% may attract income-focused investors despite its expensive valuation compared to peers. Overall, the recent upward movement in ONGC's stock price can be attributed to strong short-term performance metrics and positive investor sentiment, despite underlying concerns regarding profitability and valuation.