Why is APL Apollo Tubes falling/rising?

As of 01-Aug, APL Apollo Tubes Ltd is experiencing a decline in its stock price, currently at 1,591.25, which reflects a decrease of 8.75 points or 0.55%. Today's price summary indicates that the stock has outperformed its sector by 1.71%, despite a trend reversal after three consecutive days of gains. The stock's performance over the past week shows a positive return of 3.24%, while it has underperformed over the past month with a decline of 9.60%. The company has demonstrated strong long-term fundamentals, with a robust Return on Capital Employed (ROCE) of 26.81% and significant growth in net sales and operating profit. Additionally, the company has a low Debt to EBITDA ratio, indicating a strong ability to service its debt, which supports its valuation despite the recent price drop.
In the broader market context, the stock's recent performance contrasts with the benchmark, as the Sensex has declined by 1.06% over the past week and 3.70% over the past month. This suggests that APL Apollo Tubes has managed to maintain a relatively strong position compared to the overall market. However, the steel sector, in which the company operates, has seen a decline of 2.25%, which may be influencing investor sentiment. Despite the recent price drop, the stock has shown resilience with a year-to-date return of 1.03% and a one-year return of 7.80%, outperforming the BSE500 index, which has generated negative returns of -4.13% in the same period. The high institutional holdings at 49.88% further indicate confidence in the company's fundamentals, which could provide support for the stock in the long term.