Why is Persistent Sys falling/rising?

As of 01-Aug, Persistent Systems Ltd is experiencing a decline in its stock price, currently at Rs 5,054.60, which reflects a decrease of Rs 105.3 or 2.04%. The stock has underperformed its sector by 0.44% today and has touched an intraday low of Rs 5,042, indicating a downward trend. Over the past week, the stock has decreased by 1.83%, and in the last month, it has fallen significantly by 16.28%. Despite a strong long-term fundamental strength characterized by an average Return on Equity (ROE) of 20.92% and consistent positive results over the last six quarters, the stock is currently trading below its moving averages across various time frames, suggesting a bearish sentiment among investors. Additionally, there has been a notable decline in investor participation, with delivery volume dropping by 44.37% compared to the five-day average.
In the broader market context, the stock's performance has been weaker than the benchmark Sensex, which has declined by only 1.06% over the past week. While Persistent Systems has shown strong long-term growth with a 176.77% increase over three years and a solid institutional holding of 51.96%, the recent price movements indicate a lack of confidence among investors in the short term. The stock's year-to-date performance is particularly concerning, with a decline of 21.87% compared to the Sensex's gain of 3.15%. This disparity highlights the challenges Persistent Systems faces in regaining investor trust despite its underlying financial strengths.