Why is APL Apollo Tubes falling/rising?

As of 03-Jul, APL Apollo Tubes Ltd is experiencing a decline in its stock price, currently at Rs 1,728.40, which reflects a decrease of Rs 16.8 or 0.96%. The stock has underperformed its sector by 0.54% today and has been on a consecutive downward trend for the last two days, resulting in a total decline of 1.81% during this period. Despite touching an intraday high of Rs 1,794, the stock's weighted average price indicates that more volume was traded closer to its low price. In terms of performance, the stock has seen a 3.20% drop over the past week and a 4.95% decline over the past month, although it has shown a positive year-to-date return of 9.74% and a solid 104.25% increase over the last three years. The company's strong fundamentals, including a high Return on Capital Employed (ROCE) of 26.81% and significant growth in net sales and operating profit, suggest a robust long-term outlook, but recent price movements indicate short-term challenges.
In the broader market context, APL Apollo Tubes' recent performance contrasts with the Sensex, which has only declined by 0.62% over the past week and increased by 3.10% over the last month. This underperformance relative to the benchmark may reflect investor sentiment and market conditions affecting the stock specifically. Despite the recent price drop, the company maintains high institutional holdings at 48.52%, indicating confidence from larger investors who typically have better resources to analyze market fundamentals. The stock's fair valuation, with a Price to Book Value of 11.4, and its strong historical performance compared to peers suggest that while the stock is currently facing downward pressure, its long-term potential remains strong.