Why is Jindal Steel falling/rising?

As of 08-Aug, Jindal Steel Ltd is currently priced at 978.05, reflecting a decrease of 20.65 points or 2.07%. Today's performance indicates that the stock has underperformed its sector by 0.31%, having touched an intraday low of Rs 971, which represents a decline of 2.77%. Despite this drop, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a generally positive trend over a longer period. Over the past week, Jindal Steel has shown a return of 3.49%, while its performance over the last year has yielded a return of 6.41%. However, it is important to note that the company's profits have fallen by 31.9% over the past year, which may be contributing to the current price decline despite its strong management efficiency and low debt levels.
In the broader market context, Jindal Steel's recent performance contrasts with the Sensex, which has declined by 0.92% over the past week. While the stock has consistently outperformed the BSE500 over the last three years, the recent price drop may be influenced by the overall market sentiment and the company's profit decline. The high institutional holdings at 27.85% indicate confidence from larger investors, which could provide some support for the stock. However, the combination of falling profits and underperformance in the short term may be weighing on investor sentiment, leading to the current price movement.