Why is JK Tyre & Indust falling/rising?

As of 24-Jun, JK Tyre & Industries Ltd is currently priced at 345.80, reflecting an increase of 2.85 (0.83%). The stock has shown a trend reversal by gaining after three consecutive days of decline, and it outperformed its sector by 0.26% today. Despite this positive movement, the stock has underperformed in the longer term, with a year-to-date return of -10.93% and a one-year return of -11.90%. The company has faced challenges, including a significant drop in profits over the past year, with a -35.7% decline, and has declared negative results for the last three consecutive quarters. However, it has a high institutional holding of 22.09%, indicating confidence from larger investors who can analyze the company's fundamentals more effectively.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as the Sensex has gained 5.01% year-to-date while JK Tyre has lost nearly 11%. This underperformance highlights the stock's struggles relative to the market, particularly given the overall positive sentiment reflected in the benchmark's returns. Despite today's uptick, the stock's longer-term trajectory remains concerning, especially in light of its negative quarterly results and the significant profit declines, which may continue to weigh on investor sentiment moving forward.