Why is Kalyan Jewellers falling/rising?

As of 06-Aug, Kalyan Jewellers India Ltd's stock price is currently at Rs 589.00, reflecting a decrease of Rs 9.7 or 1.62%. The stock has underperformed its sector by 1% today and has experienced a trend reversal, falling after two consecutive days of gains. It touched an intraday low of Rs 586.7, indicating a decline of 2%. Over the past week, the stock has decreased by 2.57%, while it has shown a modest increase of 0.62% over the past month. Despite this recent decline, the company has demonstrated healthy long-term growth, with net sales growing at an annual rate of 30.76% and operating profit at 31.95%. Additionally, the company has reported positive results for the last eight consecutive quarters, which may provide some support for the stock despite its current downward movement.
In the broader market context, Kalyan Jewellers' recent performance contrasts with the benchmark Sensex, which has declined by 1.15% over the past week. While the stock has shown consistent returns over the last three years, outperforming the BSE500 in each of the last three annual periods, its year-to-date performance is down 23.18% compared to the Sensex's gain of 3.08%. The stock's liquidity remains adequate, with a delivery volume increase of 64.1% against the five-day average, suggesting rising investor participation. However, the stock's recent decline may be influenced by market sentiment and short-term fluctuations, despite its strong fundamentals and high institutional holdings, which have increased by 1.31% over the previous quarter.