Why is Parnax Lab falling/rising?

As of 05-Sep, Parnax Lab Ltd's stock price is currently at Rs 136.55, reflecting an increase of Rs 4.7 or 3.56%. The stock has shown a positive performance today, outperforming its sector by 3.03% and has gained consecutively over the last two days, with a total return of 4.92% during this period. The stock reached an intraday high of Rs 144, marking a 9.22% increase, although it also experienced a low of Rs 128.75. Despite high volatility with an intraday fluctuation of 5.59%, the stock is trading above its moving averages across various time frames. However, there has been a notable decline in investor participation, with delivery volume dropping significantly by 63.12% compared to the five-day average. The stock's attractive valuation, indicated by a return on equity (ROE) of 13.9 and a price-to-book value of 1.9, contrasts with its weak long-term fundamental strength, as evidenced by an average ROE of 11.65%.
In the broader market context, Parnax Lab's short-term return of 7.77% over the past week significantly outpaces the Sensex's return of 1.13% during the same period. While the stock has generated a return of 4.96% over the past year, it has underperformed year-to-date with a decline of 18.72%, in contrast to the Sensex's gain of 3.29%. Despite this, the stock has demonstrated strong long-term performance, outperforming the BSE500 over the last three years, one year, and three months. The combination of recent gains, attractive valuation metrics, and historical outperformance suggests a positive sentiment around the stock, even as it faces challenges with declining investor participation and long-term fundamental weaknesses.