Why is ICICI Pru Life falling/rising?

As of 16-Sep, ICICI Prudential Life Insurance Company Ltd is experiencing a decline in its stock price, currently at 602.60, which reflects a decrease of 2.2 points or 0.36%. Today's price summary indicates that the stock has underperformed its sector by 0.64% and has fallen after two consecutive days of gains. The stock has traded within a narrow range of Rs 4.5 and is currently positioned higher than its 5-day moving averages but lower than the 20-day, 50-day, 100-day, and 200-day moving averages. Additionally, there has been a significant drop in investor participation, with delivery volume falling by 67.76% compared to the 5-day average. Over the past year, the stock has generated a return of -19.34%, indicating a consistent underperformance against the benchmark and raising concerns about its long-term growth potential despite positive short-term results in profitability.
In the broader market context, the stock's recent performance contrasts with the Sensex, which has gained 1.58% over the past week and 2.21% over the past month. While ICICI Prudential has shown some positive growth in its latest financial results, such as a 72.43% increase in PAT, the overall sentiment remains cautious due to its poor long-term growth rate and high valuation compared to peers. The stock's price is trading at a premium, and despite high institutional holdings, the consistent underperformance against the benchmark over the last three years raises concerns among investors, contributing to the current downward trend in its stock price.