Why is Phoenix Mills falling/rising?

As of 04-Nov, Phoenix Mills Ltd. is experiencing a price increase, currently at 1,768.45, reflecting a rise of 21.35 or 1.22%. The stock has shown strong performance recently, outperforming its sector by 1.64% today and achieving a consecutive gain over the last two days with a total return of 4.93%. Additionally, Phoenix Mills has demonstrated impressive returns over various periods, including a 13.05% increase over the past month and a substantial 130.34% rise over the last three years. The stock is trading above its moving averages across multiple time frames, indicating a strong upward trend. Positive financial indicators, such as a significant annual growth rate in net sales and operating profit, along with high institutional holdings at 48.92%, further support the stock's upward movement.
In the broader market context, while the Sensex has declined by 1.38% over the past week, Phoenix Mills has managed to increase by 3.87%, showcasing its resilience against market fluctuations. The stock's performance is particularly notable given its consistent returns over the past year, where it outperformed the BSE500. However, it is important to note that despite its strong performance, the stock is considered very expensive based on its valuation metrics, and its profit growth has been relatively modest at 0.9% over the past year. This combination of high valuation and slower profit growth could pose risks in the future, but currently, the positive momentum and investor interest are driving the stock's price higher.