Why is Persistent Sys falling/rising?

As of 24-Sep, Persistent Systems Ltd is experiencing a decline in its stock price, currently at Rs 5,192.70, which reflects a decrease of Rs 48.85 or 0.93%. The stock has been underperforming, having fallen consecutively for the last four days, resulting in a total decline of 6.7% during this period. Additionally, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. The stock's performance over the past week shows a decline of 6.36%, while its year-to-date return is down by 19.74%. Despite strong long-term fundamentals, including a healthy average return on equity of 20.92% and consistent positive results over the last six quarters, the recent drop in delivery volume by 51.83% against the 5-day average suggests a decrease in investor participation, contributing to the stock's downward movement.
In the broader market context, Persistent Systems' short-term performance has significantly underperformed compared to the Sensex, which has only declined by 1.18% over the same week. This stark contrast highlights the stock's struggles relative to the market. While the company boasts strong institutional holdings at 51.96%, which typically indicates confidence from knowledgeable investors, the recent price movements and declining participation may reflect broader market sentiments or sector-specific challenges that are impacting investor confidence. Overall, the combination of recent poor performance, declining trading activity, and the stock's inability to keep pace with the benchmark suggests a challenging environment for Persistent Systems Ltd at this time.