Why is Raj Oil Mills falling/rising?

As of 20-Jun, Raj Oil Mills Ltd's stock price is currently at 57.11, reflecting an increase of 4.41, or 8.37%. The stock has shown a positive trend today, gaining after two consecutive days of decline. It opened with a significant gap up of 10.02% and reached an intraday high of Rs 62.89, marking a rise of 19.34%. Despite this upward movement, the stock has experienced high volatility, with an intraday volatility of 7.12%. However, there has been a notable decline in investor participation, as the delivery volume on June 19 fell by 83.23% compared to the five-day average. In terms of performance over various periods, the stock has gained 18.83% over the past month, while year-to-date returns stand at 9.83%, both outperforming the Sensex, which has increased by 1.50% and 5.46%, respectively.
In the broader market context, while Raj Oil Mills has shown a strong recovery in the short term, it has underperformed the benchmark Sensex over the past week, with a decline of 8.92% compared to the Sensex's increase of 1.59%. This indicates that while the stock is experiencing a positive reversal today, its recent performance has been weaker relative to the overall market. The stock's long-term performance also reflects challenges, as it has decreased by 4.26% over the past three years, contrasting sharply with the Sensex's substantial gain of 59.71% during the same period. Overall, the stock's current rise appears to be a reaction to short-term trading dynamics rather than a reflection of sustained investor confidence.