Why is Persistent Sys falling/rising?

As of 18-Jul, Persistent Systems Ltd is experiencing a price increase, currently at Rs 5,548.70, reflecting a rise of 54.2 points or 0.99%. Today's price summary indicates that the stock outperformed its sector by 1.09%, reaching an intraday high of Rs 5,621.05, which is a 2.3% increase. Despite a decline of 7.94% over the past month and a year-to-date drop of 14.23%, the company has shown strong long-term fundamentals, with a consistent return on equity of 20.92% and impressive growth in net sales and operating profit. The company has also reported positive results for the last five consecutive quarters, contributing to a solid investor sentiment. However, the stock is considered expensive, trading at a premium compared to its peers, which may temper some investor enthusiasm.
In the broader market context, the stock's short-term performance has been relatively better than the benchmark, as it has outperformed the Sensex, which has declined by 0.90% over the past week. The rising investor participation, indicated by a 30.27% increase in delivery volume, suggests growing interest in the stock despite its recent volatility. Additionally, the high institutional holdings at 51.22% indicate confidence from larger investors, who typically have more resources to analyze the company's fundamentals. Overall, while the stock has faced challenges in the short term, its strong fundamentals and positive recent performance may be driving the current upward movement.