Why is Indiamart Inter. falling/rising?

As of 10-Jul, Indiamart Intermesh Ltd is experiencing a decline in its stock price, currently at 2,583.00, which reflects a decrease of 16.0 points or 0.62%. The stock has fallen after two consecutive days of gains, although it is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. In the past week, the stock has shown a positive return of 0.80%, outperforming the Sensex, which has remained flat at -0.06%. Additionally, the company has demonstrated strong performance metrics, including a high return on equity (ROE) of 18.31% and consistent positive results over the last eight quarters, contributing to a healthy long-term growth outlook with an annual operating profit growth rate of 27.08%.
In the broader market context, while Indiamart's year-to-date return stands at 14.84%, significantly higher than the Sensex's 6.46%, the stock has underperformed over the past year with a decline of 5.71% compared to the Sensex's gain of 4.09%. The recent drop in stock price may be attributed to profit-taking after the recent gains, despite rising investor participation, as indicated by a 9.57% increase in delivery volume. The high institutional holdings at 34.45% suggest that informed investors are backing the stock, which may provide some stability despite the current price decline.