Why is JM Financial falling/rising?

As of 30-Oct, JM Financial Ltd is currently priced at 166.60, reflecting a decline of 4.5 points or 2.63%. The stock has underperformed its sector today by 2.11% and has experienced a trend reversal after two consecutive days of gains. It touched an intraday low of Rs 166.6, and the weighted average price indicates that more volume was traded close to this low price. Despite a strong performance over the past year with a return of 20.38%, the stock's profits have decreased by 12.5%, which may contribute to the recent price decline. Additionally, while the company has shown positive results in the past quarter and maintains a low debt-equity ratio, the stock is trading at a premium compared to its peers, which could be a factor in the current downward movement.
In the broader market context, JM Financial's short-term performance over the past week shows a decline of 2.57%, while the benchmark Sensex has only fallen by 0.18%. This indicates that the stock is underperforming relative to the broader market. However, over the longer term, JM Financial has outperformed the Sensex with a year-to-date return of 28.65% compared to the benchmark's 8.02%. The high institutional holdings at 23.99% suggest that knowledgeable investors are backing the stock, which may provide some support despite the recent price drop. Overall, the combination of short-term underperformance, profit declines, and premium valuation compared to peers appears to be influencing JM Financial's current stock price movement.