Why is S.A.L Steel falling/rising?

As of 23-Oct, S.A.L Steel Ltd's stock price is currently at Rs 35.92, reflecting an increase of Rs 1.71, or 5.0%. The stock has been on an upward trend, gaining for six consecutive days and achieving a remarkable 33.73% return during this period. It is also close to its 52-week high, just 1.75% away from Rs 36.55. The stock has outperformed its sector by 5.51% today and is trading above all key moving averages, indicating strong momentum. However, there has been a notable decline in investor participation, with delivery volume falling by 59.04% compared to the five-day average, which may suggest some caution among investors.
Broader market context shows that S.A.L Steel has significantly outperformed the benchmark Sensex over various time frames, including a 21.47% increase over the past week compared to the Sensex's 1.30%. Year-to-date, the stock has risen by 53.05%, while the Sensex has only gained 8.21%. This strong performance relative to the benchmark highlights the stock's robust demand and investor confidence, despite the recent drop in trading volume. Overall, the combination of consistent price gains, strong returns relative to the market, and the stock's position near its 52-week high contribute to the positive sentiment surrounding S.A.L Steel Ltd.