Why is JM Financial falling/rising?

As of 17-Jul, JM Financial Ltd's stock price is currently at Rs 169.20, reflecting a decrease of Rs 1.4 or 0.82%. The stock is close to its 52-week high, being only 3.01% away from Rs 174.3. However, it has underperformed its sector by 0.49% today, and there has been a notable decline in investor participation, with delivery volume dropping by 55.82% compared to the 5-day average. Despite a strong performance over the past year, where the stock generated a return of 69.81%, its profits have decreased by 34.7%, indicating potential concerns about sustainability. The stock is trading at a premium compared to its peers, with a price-to-book value of 1.7, and has a return on equity of 8.4, suggesting a fair valuation.
In the broader market context, JM Financial's short-term performance over the past week shows a gain of 0.48%, while the benchmark Sensex has declined by 1.12%. This indicates that the stock has outperformed the market in the short term. However, the overall market sentiment may be influenced by the stock's recent underperformance relative to its sector and the decline in investor participation. Despite high institutional holdings at 24.55%, which typically provide a buffer against volatility, the stock's recent price movement reflects a cautious outlook among investors, particularly given the significant drop in profits over the past year.