Why is Shivam Chemicals falling/rising?

As of 23-Sep, Shivam Chemicals Ltd is experiencing a rise in its stock price, currently at Rs. 72.50, reflecting an increase of Rs. 9.6 or 15.26%. The stock has recently outperformed its sector by 15.82% and has gained 22.88% over the last two days. It reached a new 52-week high of Rs. 75.48 today, although it opened with a loss of 3.02%. The stock has shown strong performance over various periods, with a year-to-date return of 42.18% compared to a decline of 3.33% in the benchmark index over the same timeframe. Additionally, rising investor participation is evident, as delivery volume increased by 11.11% against the 5-day average.
In the broader market context, Shivam Chemicals has significantly outperformed the Sensex, which has shown a slight decline of 0.34% over the past week while the stock itself rose by 18.46%. This indicates a strong relative strength compared to the overall market. Despite some erratic trading patterns and high volatility, the stock's consistent performance above its moving averages suggests a bullish trend. The liquidity of the stock remains adequate for trading, further supporting its upward movement.