Why is Persistent Sys falling/rising?

As of 04-Aug, Persistent Systems Ltd is experiencing a price increase, currently at 5,176.00, reflecting a rise of 114.5 or 2.26%. Today's price summary indicates that the stock outperformed its sector by 0.64%, reaching an intraday high of Rs 5186.8, which is a 2.48% increase. Despite a decline of 12.08% over the past month, the stock has shown strong long-term performance with a remarkable 174.40% increase over the last three years. The company has also demonstrated consistent positive results, declaring positive earnings for six consecutive quarters, with significant growth in operating profit and net sales. Additionally, the high institutional holdings at 51.96% suggest confidence from knowledgeable investors, which may contribute to the stock's upward movement.
In the broader market context, Persistent Systems has outperformed the Sensex in the short term, with a 1-week return of 0.78% compared to the benchmark's 0.16%. However, the stock's year-to-date performance is notably weaker, showing a decline of 20.00% against the Sensex's gain of 3.69%. The falling investor participation, indicated by a 23.55% drop in delivery volume, could pose a concern for future price stability. Nevertheless, the company's strong fundamentals, including a healthy return on equity and low debt-to-equity ratio, provide a solid foundation that may support its current price rise amidst broader market fluctuations.