Why is Persistent Sys falling/rising?

As of 15-Jul, Persistent Systems Ltd is experiencing a decline in its stock price, currently at 5,586.75, which reflects a decrease of 27.25 or 0.49%. The stock has underperformed its sector today by 0.87%, and while it is higher than the 100-day moving average, it is lower than the 5-day, 20-day, 50-day, and 200-day moving averages. Over the past week, the stock has dropped by 3.50%, and it has also seen a year-to-date decline of 13.65%, despite a strong performance over the last year with a return of 16.58%. The company has shown strong long-term fundamentals, with a healthy growth rate in net sales and operating profit, and a high institutional holding of 51.22%. However, the stock is perceived as expensive with a high Price to Book Value ratio, which may be contributing to the recent price decline.
In the broader market context, Persistent Systems' short-term performance has been weaker than the benchmark, with the Sensex declining only 1.36% over the same week. This underperformance may reflect investor concerns regarding the stock's valuation, despite its solid long-term growth and consistent returns over the past three years. The stock's recent price movement could also be influenced by its relatively high PEG ratio of 2.4, indicating that while the company has been profitable, its valuation may not be justified by its earnings growth. Overall, the combination of high valuation concerns and recent underperformance against the benchmark suggests that investors may be cautious, leading to the current decline in the stock price.