Why is Persistent Sys falling/rising?

As of 12-Aug, Persistent Systems Ltd is experiencing a price increase, currently at Rs 5,236.00, reflecting a rise of Rs 53.0 or 1.02%. The stock has shown a positive performance today, outperforming its sector by 0.74% and has gained consecutively over the last two days, with a total return of 2.69% during this period. Despite a decline of 6.04% over the past month and a year-to-date drop of 19.07%, the company has demonstrated strong long-term fundamentals, including a robust average Return on Equity (ROE) of 20.92%, and consistent positive results over the last six quarters. The high institutional holdings at 51.96% indicate confidence from larger investors, which may contribute to the stock's upward movement.
In the broader market context, the stock's short-term performance contrasts with the benchmark, as it has gained 0.93% over the past week while the Sensex has declined by 0.59%. This relative strength suggests that Persistent Systems is performing better than the overall market in the short term. However, the stock's liquidity is noted to be adequate for trading, despite a decrease in delivery volume, which could indicate a potential concern for investor participation. Overall, while the stock has faced challenges in the longer term, its recent gains and strong fundamentals may be driving the current upward momentum.