Why is Bajaj Auto falling/rising?

As of 05-Jun, Bajaj Auto Ltd. is experiencing a slight decline in its stock price, currently at 8,572.60, reflecting a decrease of 1.8 points or 0.02%. The stock has shown a trend reversal after two consecutive days of gains, and today's performance indicates it has outperformed its sector by 0.47%. However, the stock has seen a 3.57% drop over the past week and a 2.61% decline year-to-date, despite a positive 8.43% return over the past month. The delivery volume has also decreased by 8.8% compared to the five-day average, indicating falling investor participation. On a positive note, the company maintains strong long-term fundamentals, with a robust average return on equity of 21.99% and healthy growth in net sales and operating profit.
In the broader market context, while Bajaj Auto's recent performance has been lackluster, the benchmark Sensex has only declined by 0.23% over the past week, suggesting that the stock's short-term performance is underperforming relative to the market. Despite this, Bajaj Auto remains a significant player in its sector, holding a market cap of Rs 2,39,447 crore, which constitutes 37.66% of the entire sector. The high institutional holdings at 22.6% reflect confidence from more knowledgeable investors, which may provide some support for the stock in the long run. However, the recent drop in delivery volume and the stock's performance relative to the benchmark indicate a cautious sentiment among investors.