Why is Persistent Sys falling/rising?

As of 30-Jul, Persistent Systems Ltd is experiencing a decline in its stock price, currently at 5,158.80, reflecting a decrease of 23.9 points or 0.46%. The stock has underperformed its sector by 0.57% today and is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has decreased by 7.97%, and in the last month, it has fallen by 14.70%. Despite a strong long-term fundamental strength indicated by an average Return on Equity (ROE) of 20.92% and consistent positive results over the last six quarters, the stock's valuation appears very expensive with a Price to Book Value of 12.8, contributing to investor caution. Additionally, a significant drop in delivery volume by 56.03% against the 5-day average suggests falling investor participation.
In the broader market context, while the Sensex has only declined by 1.50% over the past week, Persistent Systems' performance has been notably worse, indicating a lack of investor confidence relative to the market. The stock's year-to-date performance shows a decline of 20.26%, contrasting sharply with the Sensex's gain of 4.28%. This divergence highlights the stock's struggles despite its historical outperformance over longer periods, such as a 184.24% increase over the last three years. The high institutional holdings at 51.96% may provide some stability, but the current market sentiment appears to be weighing heavily on the stock's price, leading to its recent downward trend.