Why is Persistent Sys falling/rising?

As of 06-Aug, Persistent Systems Ltd is experiencing a decline in its stock price, currently at 5,040.00, reflecting a decrease of 147.95 points or 2.85%. Today's price summary indicates that the stock has underperformed its sector by 1.56% and has fallen after two consecutive days of gains. The stock touched an intraday low of Rs 5036.2, and it 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 2.30%, and over the past month, it has seen a significant drop of 14.39%. Despite these short-term challenges, the company has demonstrated strong long-term fundamentals, with an average return on equity of 20.92% and consistent positive results over the last six quarters, which may support its valuation in the long run.
In the broader market context, the stock's performance has been notably weaker than the benchmark, with a year-to-date decline of 22.10% compared to a 3.08% increase in the Sensex. This underperformance is highlighted by the stock's recent trend reversal and the fact that it has been trading lower than its moving averages, indicating bearish sentiment among investors. However, the company benefits from high institutional holdings at 51.96%, suggesting that informed investors still see potential in the stock despite its recent price decline. The liquidity of the stock remains adequate for trading, which may provide some stability amidst the current volatility.