Why is Indegene falling/rising?

As of 29-Aug, Indegene Ltd is experiencing a decline in its stock price, currently at Rs 543.00, which reflects a decrease of Rs 12.6 or 2.27%. The stock has underperformed its sector by 1.59% today and has been on a consecutive downward trend for the past eight days, resulting in a total decline of 7.64% during this period. Additionally, the stock is trading below all its moving averages, indicating a bearish trend. Despite a rise in investor participation, with delivery volume increasing by 41.91% against the 5-day average, the stock's performance over the past year shows a return of -5.09%, even as profits have grown by 21%. The company's strong management efficiency, low debt-to-equity ratio, and attractive valuation with a high return on equity (ROE) of 15.55% suggest potential for recovery, but current market sentiment appears negative.
In the broader market context, Indegene's short-term performance has been worse than the benchmark, with a 1-week return of -5.20% compared to the Sensex's -1.84%. This underperformance is compounded by the stock's year-to-date decline of 10.10%, while the benchmark has gained 2.14% in the same period. The increasing stake of institutional investors, who now hold 17.25% of the company, indicates a level of confidence in the company's fundamentals, but the overall market sentiment and recent stock performance suggest that investors are currently cautious.