Why is Indigo Paints falling/rising?

As of 24-Jul, Indigo Paints Ltd is experiencing a decline in its stock price, currently at 1,178.75, which reflects a decrease of 22.15 points or 1.84%. The stock has underperformed its sector by 1.4% today, and while it is trading above its 50-day and 100-day moving averages, it is below its 5-day, 20-day, and 200-day moving averages. Over the past week, the stock has seen a return of -1.73%, contrasting with a slight decline of 0.09% in the Sensex. Despite a recent increase in delivery volume by 5.64%, the stock has faced significant challenges, with a year-to-date return of -16.24% and a one-year return of -22.10%. Positive factors include high management efficiency, a low debt-to-equity ratio, and strong quarterly results, but these have not been enough to offset the overall negative sentiment as profits have fallen by 3.2% over the past year.
In the broader market context, Indigo Paints' short-term performance has been notably weaker than the benchmark Sensex, which has gained 5.18% year-to-date. The stock's recent struggles are compounded by its significant underperformance over the past three years, where it has declined by 15.46%, while the Sensex has surged by 46.57%. The high institutional holdings at 29.15% suggest that informed investors are closely monitoring the company's fundamentals, yet the overall market conditions and the stock's declining returns indicate a challenging environment for Indigo Paints.