Why is Polycab India falling/rising?

As of 08-Jul, Polycab India Ltd's stock price is currently at 6,740.00, reflecting an increase of 47.15, or 0.7%. The stock has shown a positive trend today, having gained after two consecutive days of decline, and it outperformed its sector by 1.07%. Additionally, Polycab India is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong upward momentum. Despite a significant drop in delivery volume by 51.91% compared to the 5-day average, the company maintains a low debt-to-equity ratio and has demonstrated robust long-term growth, with net sales and operating profit increasing at annual rates of 20.47% and 22.27%, respectively. Furthermore, high institutional holdings at 22.06% suggest confidence from knowledgeable investors, contributing to the stock's recent positive movement.
In the broader market context, Polycab India has outperformed the Sensex over the past week, with a return of 1.20% compared to the benchmark's mere 0.02%. While the stock has experienced a year-to-date decline of 7.31%, it has shown resilience with a 2.97% return over the past year, outperforming the BSE500 in each of the last three annual periods. The company's substantial market capitalization of Rs 1,00,732 cr and its significant share of the industry further bolster its position, indicating that despite some short-term fluctuations, the stock's fundamentals remain strong, supporting its upward price movement.