Why is Union Bank (I) falling/rising?

As of 11-Aug, Union Bank of India is experiencing a price increase, currently at Rs 134.80, reflecting a rise of 3.9 or 2.98%. The stock has outperformed its sector today by 1.01% and reached an intraday high of Rs 134.95. Over the past week, the stock has gained 4.46%, contrasting with a decline of 0.51% in the Sensex. Despite a 6.16% drop over the past month, Union Bank has shown strong long-term performance, with a year-to-date return of 12.01% and a remarkable 237.42% increase over the last three years. The stock's attractive valuation, indicated by a Price to Book Value of 0.9 and a high dividend yield of 3.59%, along with strong institutional investor participation, has contributed positively to its recent upward movement.
In the broader market context, Union Bank's short-term performance is significantly better than the benchmark, as it has outperformed the Sensex in the past week while the benchmark has declined. The bank sector as a whole has gained by 2%, which may also support the stock's rise. However, there is a noted decrease in investor participation, with delivery volume falling by 47.83% against the five-day average, which could indicate caution among retail investors. Overall, while the stock is benefiting from strong fundamentals and institutional interest, the decline in retail participation may temper its momentum in the near term.