Why is HDFC AMC falling/rising?

As of 06-Aug, HDFC Asset Management Company Ltd's stock price is currently at 5,668.10, reflecting a decrease of 7.15 points or 0.13%. The stock has been experiencing a slight decline, having fallen for the last two days with a total return of -0.29% during this period. Despite this recent dip, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally strong performance trend. Over the past month, HDFC AMC has shown a robust increase of 12.78%, significantly outperforming the Sensex, which has declined by 3.46%. The company has demonstrated strong long-term fundamentals, with a consistent return on equity of 28.86% and healthy growth in operating profit. However, the stock is considered expensive with a high price-to-book value of 14.9, which may be a concern for some investors.
In the broader market context, HDFC AMC's recent performance contrasts with the benchmark Sensex, which has seen a decline of 1.15% over the past week. While the stock has outperformed the benchmark significantly over longer periods, including a 43.01% return over the past year compared to the Sensex's 2.48%, the recent drop in investor participation, as indicated by a 0.46% decrease in delivery volume, may be contributing to the current price movement. This decline in participation could reflect a cautious sentiment among investors, despite the company's strong fundamentals and consistent returns over the last three years.