Why is HDFC AMC falling/rising?

As of 23-Jul, HDFC Asset Management Company Ltd's stock price is currently at Rs 5,597.80, reflecting a decline of Rs 4.7 or 0.08%. The stock has underperformed its sector by 0.62% today and has experienced a consecutive fall over the last two days, resulting in a total decline of 0.4% during this period. Despite this recent downturn, the stock has shown strong performance over the past week, gaining 4.49%, and has significantly outperformed the benchmark Sensex over various time frames, including a 41.78% return over the last year. The stock is trading close to its 52-week high, just 1.03% away, and is above all its moving averages, indicating a generally positive long-term trend. However, there has been a notable decrease in investor participation, with delivery volume dropping by 64.85% compared to the five-day average, which may contribute to the recent price decline.
In the broader market context, HDFC AMC's short-term performance has been significantly better than the Sensex, which only increased by 0.11% over the past week. The company has demonstrated strong long-term fundamentals, including a high average return on equity of 28.86% and consistent positive results over the last ten quarters. However, concerns regarding its valuation persist, as it is considered very expensive with a price-to-book value of 14.7, despite trading at a discount to its peers' historical valuations. This combination of strong fundamentals and high valuation may create mixed signals for investors, contributing to the stock's recent price fluctuations.