Why is Kitex Garments falling/rising?

As of 31-Jul, Kitex Garments Ltd is experiencing a decline in its stock price, currently at Rs 227.50, which reflects a decrease of Rs 16.0 or 6.57%. Today's price summary indicates that the stock underperformed its sector by 4.22%, opening with a significant loss of 6.74% and reaching an intraday low of Rs 227.1. The stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend. Despite this, the company has shown strong financial performance over the last six quarters, with net sales reaching Rs 300.17 crore and a notable growth in profit before tax and profit after tax. This indicates a solid ability to service its debt, which may provide some support to the stock despite its current decline.
In the broader market context, Kitex Garments has underperformed compared to the benchmark, with a one-week return of -13.83% against the Sensex's -1.22%. Over the past month, the stock has dropped 19.00%, while the benchmark fell by only 3.00%. However, on a year-to-date basis, Kitex Garments has managed to achieve a positive return of 3.20%, albeit lower than the Sensex's 3.90%. The textile sector overall has also seen a decline of 2.37%, contributing to the stock's downward movement. Despite these challenges, the company’s strong historical performance, including a remarkable 194.74% return over the past year, suggests that it has the potential to recover if market conditions improve.