Why is Persistent Sys falling/rising?

As of 11-Jul, Persistent Systems Ltd is experiencing a decline in its stock price, currently at Rs 5,572.40, which represents a decrease of Rs 99.55 or 1.76%. The stock has been on a downward trend, losing value for the last nine consecutive days and recording a total decline of 7.86% during this period. In terms of performance, the stock has underperformed against the benchmark Sensex over the past week and month, with declines of 5.34% and 6.52%, respectively. Despite this, the stock has shown strong long-term fundamentals, including a healthy average return on equity of 20.92% and consistent growth in net sales and operating profit. However, the stock's valuation is considered very expensive, trading at a premium compared to its peers, which may be contributing to the recent price drop.
In the broader market context, the IT - Software sector has also faced challenges, with a decline of 2.17%, which may be influencing investor sentiment towards Persistent Systems. While the stock has outperformed the sector today by 0.38%, the overall negative momentum in the market could be weighing on its price. Additionally, the stock's year-to-date performance shows a significant decline of 13.87%, contrasting sharply with the Sensex's gain of 5.58% during the same period. This disparity highlights the stock's struggles in the current market environment, despite its strong long-term performance and high institutional holdings, which suggest that larger investors are still confident in the company's fundamentals.