Why is Persistent Sys falling/rising?

As of 25-Jul, Persistent Systems Ltd is currently priced at 5,148.85, reflecting a decrease of 25.8 points or 0.5%. The stock has been on a downward trend, having fallen consecutively for the last four days, resulting in a total decline of 10.8% during this period. In terms of performance against benchmarks, the stock has underperformed significantly over the past week and month, with returns of -7.21% and -15.79%, respectively, while the Sensex has only declined by 0.36% and 1.56% in the same time frames. Despite this recent downturn, the company has demonstrated 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 high valuation, indicated by a price-to-book ratio of 12.7, may be contributing to investor caution.
Broader market context shows that while Persistent Systems has generated a positive return of 9.29% over the past year, it has significantly lagged behind the Sensex's 4.25% year-to-date performance. The stock's recent struggles are compounded by its trading below all key moving averages, suggesting a bearish sentiment among investors. Additionally, while there has been a notable increase in investor participation, with delivery volume rising by 416.9% against the five-day average, the overall market sentiment appears to be weighing on the stock's price. This combination of short-term underperformance relative to the benchmark and high valuation concerns may be influencing the stock's current decline.