Why is Kalyan Jewellers falling/rising?

As of 08-Jul, Kalyan Jewellers India Ltd is experiencing a decline in its stock price, currently at Rs 574.15, reflecting a decrease of Rs 9.8 or 1.68%. The stock has been on a downward trend, having fallen consecutively for the last two days, with a total decline of 1.91% during this period. Today, it reached an intraday low of Rs 563.05, which is a drop of 3.58%. Despite outperforming its sector by 4.06% today, the stock's performance over the year shows a significant year-to-date decline of 25.11%, although it has generated a positive return of 16.07% over the past year. The company has reported healthy long-term growth, with net sales increasing at an annual rate of 30.76% and a consistent positive performance over the last eight quarters, which may provide some support against the current price drop.
In the broader market context, Kalyan Jewellers' recent performance contrasts with the benchmark Sensex, which has shown a modest increase of 0.02% over the past week and 1.85% over the past month. The stock's recent decline may be influenced by a broader downturn in the diamond and gold jewellery sector, which has fallen by 5.75%. Additionally, there has been a notable decrease in investor participation, with delivery volume dropping by 51.63% compared to the five-day average. Despite these challenges, the company maintains high institutional holdings at 28.85%, indicating confidence from larger investors who are better equipped to analyze the company's fundamentals.