Why is Vishal Mega Mart falling/rising?

As of 31-Jul, Vishal Mega Mart Ltd's stock price is currently at Rs 139.55, reflecting an increase of 1.65 or 1.2%. The stock has been gaining for the last three days, with a total return of 5.08% during this period. Despite opening with a loss of 2.5% today and touching an intraday low of Rs 133.8, it is trading above all key moving averages, indicating a positive trend. The company has demonstrated strong financial health with a low Debt to EBITDA ratio of 0.57 times and impressive growth in net sales and operating profit. However, there are concerns regarding promoter confidence, as they have reduced their stake by 20.33% in the last quarter, which may signal uncertainty about the company's future.
In the broader market context, Vishal Mega Mart's performance over the past month shows a gain of 5.88%, contrasting with a decline of 3.00% in the benchmark Sensex. This indicates that the stock is outperforming the market despite some recent volatility. While the stock has shown resilience with a year-to-date return of 31.28% compared to the Sensex's 3.90%, the reduction in promoter stake could weigh on investor sentiment. Overall, the stock's recent upward movement can be attributed to its strong fundamentals, but the declining confidence among promoters may pose risks moving forward.