Why is HDFC AMC falling/rising?

As of 07-Aug, HDFC Asset Management Company Ltd is experiencing a decline in its stock price, currently at Rs 5,663.70, which reflects a decrease of 15.6 points or 0.27%. Despite this recent drop, the stock has shown strong performance over the past month, with a return of 13.46%, and has consistently outperformed the benchmark Sensex over various periods, including a 39.33% return over the last year. However, today's performance indicates that it has underperformed its sector by 0.49%. The stock is trading above its moving averages, which suggests a generally positive trend, but there has been a slight decline in investor participation, as evidenced by a 0.46% drop in delivery volume compared to the five-day average.
In the broader market context, while HDFC AMC has outperformed the Sensex over the past week and month, the benchmark itself has seen a decline of 0.69% in the last week. The company's strong fundamentals, including a high return on equity and consistent positive results over the last ten quarters, support its long-term growth potential. However, the stock's valuation is considered expensive, with a Price to Book Value of 14.9, which may be causing some investors to reassess their positions. The high institutional holdings at 38.63% indicate confidence from larger investors, but the recent price movement suggests a cautious sentiment among retail investors, particularly in light of the declining delivery volumes.