Why is Persistent Sys falling/rising?

As of 22-Sep, Persistent Systems Ltd is experiencing a decline in its stock price, currently at Rs 5,271.85, which reflects a decrease of Rs 230.75 or 4.19%. The stock has underperformed its sector by 1.58% today and has been on a consecutive downward trend for the last two days, resulting in a total drop of 5.28%. It opened with a loss of 3.64% and reached an intraday low of Rs 5,199, indicating significant selling pressure. Over the past week, the stock has seen a decline of 1.83%, and year-to-date, it has fallen by 18.51%, contrasting sharply with the Sensex, which has gained 5.15% during the same period. Despite the company's strong long-term fundamentals, including a healthy growth rate in net sales and operating profit, the recent price movements suggest that investor sentiment may be influenced by the stock's current performance relative to its moving averages and the broader IT sector's decline of 2.6%.
In the broader market context, Persistent Systems' short-term performance has lagged behind the benchmark, with a 1-week return of -1.83% compared to the Sensex's gain of 0.46%. This underperformance may be contributing to a negative perception among investors, despite the company's solid fundamentals, such as a strong return on equity and consistent positive results over the last six quarters. The high institutional holdings at 51.96% indicate that knowledgeable investors are backing the company, yet the recent price action suggests that market dynamics and sector performance are currently overshadowing these positive factors.