Why is Bharat Electron falling/rising?

As of 02-Jul, Bharat Electronics Ltd's stock price is currently at Rs 427.00, reflecting a decrease of Rs 5.3 or 1.23%. The stock has recently experienced a trend reversal, falling after four consecutive days of gains. It is currently trading close to its 52-week high, just 2.1% away from Rs 435.95. Despite this recent decline, the stock has shown strong performance over various periods, with a 5.24% increase over the past week and a remarkable 45.71% rise year-to-date. However, there has been a notable drop in investor participation, with delivery volume falling by 33.55% against the five-day average, which may contribute to the current price decline. The company has strong long-term fundamentals, including a healthy return on equity and consistent positive results over the last six quarters, but it is also facing challenges due to its high valuation compared to peers.
In the broader market context, Bharat Electronics has outperformed the Sensex, which has only increased by 0.79% over the past week, while the stock rose by 5.24%. This indicates that the stock's recent performance is strong relative to the market. However, the decline today may reflect profit-taking after a significant run-up in price, as well as the reduced trading volume suggesting a potential decrease in demand. The stock's high institutional holdings indicate confidence from larger investors, but the expensive valuation and high price-to-book ratio could be causing some caution among retail investors, contributing to the current downward movement.