Why is Uday Jewellery falling/rising?

As of 08-Oct, Uday Jewellery Industries Ltd is experiencing a price increase, currently at Rs 169.55, reflecting a rise of 5.0 or 3.04%. Despite opening with a loss of 2.55% today, the stock reached an intraday high of Rs 172, indicating some recovery during the trading session. The stock is currently 4.31% away from its 52-week high of Rs 176.85. Over the past week, Uday Jewellery has outperformed the Sensex with a return of 8.69% compared to the benchmark's 0.98%. However, it has underperformed its sector by 1.01% today, and there has been a notable decline in investor participation, with delivery volume falling by 25.86% against the 5-day average.
Broader Market Context: In the context of the broader market, Uday Jewellery's short-term performance has been strong, significantly outpacing the Sensex over the past week and year-to-date, where it has returned 11.22% compared to the Sensex's 4.65%. The diamond and gold jewellery sector has also seen a gain of 4.07%, which may provide some support for Uday Jewellery's price movement. However, the stock's recent volatility, including a gap down opening and lower trading volumes, suggests that while there is upward momentum, caution may be warranted due to the fluctuations in investor interest and sector performance.