Why is Indigo Paints falling/rising?

As of 22-Jul, Indigo Paints Ltd is currently priced at 1,198.60, reflecting a decrease of 1.0 (-0.08%). The stock has been experiencing a downward trend, having lost 0.3% over the last two days, and it has underperformed the Sensex with a 1-week return of -0.74% compared to the benchmark's -0.47%. Despite this, the stock has shown a positive return of 6.84% over the past month. The company has reported strong financial performance in its latest quarter, with a significant growth in PAT and net sales, alongside a high return on equity (ROE) of 15.04%. However, the stock has also faced challenges, including a year-to-date decline of 14.83% and a 1-year return of -18.47%, indicating a struggle in maintaining investor confidence despite its attractive valuation relative to peers.
In the broader market context, the stock's recent performance is contrasted against the Sensex, which has gained 5.18% year-to-date. While Indigo Paints has seen rising investor participation, with delivery volume increasing significantly, the overall market sentiment appears to favor the benchmark. The stock's liquidity is adequate for trading, but the consecutive falls and negative returns over longer periods suggest that investors may be cautious. High institutional holdings at 29.15% could provide some stability, yet the overall negative trend in stock performance highlights a disconnect between the company's strong fundamentals and market perception.