Why is ICICI Pru Life falling/rising?

As of 12-Sep, ICICI Prudential Life Insurance Company Ltd's stock price is currently at 601.00, reflecting an increase of 2.5 (0.42%). Today's price summary indicates that the stock has underperformed its sector by 0.78%. While it is trading higher than its 5-day moving averages, it remains below the 20-day, 50-day, 100-day, and 200-day moving averages. The stock has seen a rise in investor participation, with delivery volume increasing by 56.02% against the 5-day average. However, the stock has underperformed against the benchmark over the past year, with a return of -20.21%, despite positive quarterly results showing significant growth in profit before tax and net sales. High institutional holdings at 21.97% suggest that informed investors are backing the stock, but concerns about its long-term growth and expensive valuation relative to peers may be weighing on its performance.
In the broader market context, the stock's short-term return of +0.59% over the past week is notably lower than the Sensex's return of +1.48%. This consistent underperformance against the benchmark, coupled with a poor long-term growth outlook and a high price-to-book value ratio, indicates that while there may be some positive momentum in the short term, the overall sentiment remains cautious. The stock's negative returns over the past year and three years further highlight its struggle to keep pace with broader market trends, contributing to a mixed outlook among investors.