Why is Purple Entertain falling/rising?

As of 24-Oct, Purple Entertainment Ltd is experiencing a significant rise in its stock price, currently at Rs. 7.17, which reflects an increase of 1.19 or 19.9%. The stock has hit a new 52-week high today and has outperformed its sector by 17.36%. It has been on a consecutive gain streak for the last three days, accumulating a remarkable 64.45% return during this period. Additionally, the stock opened with a gain of 19.73% today and is trading above all its moving averages, indicating strong upward momentum. Notably, investor participation has surged, with delivery volume increasing by 2468.45% compared to the 5-day average, suggesting heightened interest and confidence in the stock.
In the broader market context, Purple Entertainment's short-term performance has significantly outpaced the benchmark Sensex, which has only increased by 0.31% over the past week, while the stock itself has soared by 61.12%. This stark contrast highlights the stock's strong relative strength and investor enthusiasm, particularly in the film production, distribution, and entertainment sector, which has also seen a gain of 3.34%. Overall, the combination of strong stock-specific factors and favorable market conditions has contributed to the recent rise in Purple Entertainment's stock price.