Why is Polycab India falling/rising?

As of 25-Jun, Polycab India Ltd's stock price is rising, currently at Rs 6,440.70, reflecting an increase of Rs 97.3 or 1.53%. The stock has shown a strong performance recently, gaining 10.49% over the last four days and outperforming its sector by 1.23% today. It has also touched an intraday high of Rs 6,496, indicating positive momentum. Despite a year-to-date decline of 11.43%, the stock has performed well in the short term, with a weekly return of 7.53% and a monthly return of 9.50%. The company benefits from strong long-term fundamentals, including low debt levels and significant growth in net sales and operating profit, which have contributed to its recent price increase. However, it faces challenges with a high valuation and has underperformed the market over the past year.
In the broader market context, Polycab India has outperformed the Sensex, which has only increased by 1.61% over the past week. While the stock's recent gains are notable, it still lags behind the market with a year-over-year return of -10.97%, compared to the Sensex's 6.02%. The high institutional holdings at 22.06% suggest confidence among larger investors, which may support the stock's upward movement. Nonetheless, the decline in investor participation, as indicated by a drop in delivery volume, could pose a risk to sustaining this momentum. Overall, while Polycab India is experiencing a rise in its stock price, it must navigate the challenges of its past performance and market valuation.