Why is Shivam Chemicals falling/rising?

As of 09-Oct, Shivam Chemicals Ltd is experiencing a price increase, currently at Rs 81.00, which reflects a rise of 3.0 or 3.85%. The stock has shown strong performance recently, with a 1-week return of +2.53% and a remarkable 1-month return of +40.87%. Today's trading saw the stock open with a gain of 2.56% and reach an intraday high of Rs 81. However, there are concerns regarding falling investor participation, as the delivery volume has decreased significantly by 86.67% compared to the 5-day average. Despite this, the stock is trading above its moving averages across various timeframes, indicating a bullish trend.
In the broader market context, Shivam Chemicals has outperformed the Sensex, which has only gained 1.47% over the past week, while the stock has risen by over 2.5%. Year-to-date, the stock has increased by 58.85%, significantly outpacing the Sensex's 5.16% gain. This strong performance suggests that investor sentiment remains positive despite the recent drop in trading volume, which could indicate a temporary fluctuation rather than a fundamental weakness in the stock. Overall, the stock's upward movement can be attributed to its strong returns relative to the benchmark and positive trading indicators, despite some concerns about liquidity.