Why is Shivam Chemicals falling/rising?

As of 26-Sep, Shivam Chemicals Ltd is experiencing a significant rise in its stock price, currently at Rs 77.00, reflecting an increase of Rs 8.4 or 12.24%. The stock has shown strong performance today, having opened with a gain of 4.96% and reaching an intraday high of Rs 77, which is only 2.6% away from its 52-week high of Rs 79. Over the past week, the stock has surged by 30.51%, and for the month, it has increased by 28.33%. Despite a notable drop in delivery volume by 53.7% against the 5-day average, the stock is trading above all key moving averages, indicating a bullish trend.
In the broader market context, while Shivam Chemicals has outperformed the Sensex, which has declined by 2.66% over the past week, the stock's year-to-date return stands at an impressive 51.01%, compared to the Sensex's modest gain of 2.93%. This strong relative performance highlights investor confidence in Shivam Chemicals amidst a generally challenging market environment. The liquidity of the stock remains adequate for trading, further supporting its upward movement despite the recent decline in investor participation.