Why is Pidilite Inds. falling/rising?

As of 01-Aug, Pidilite Industries Ltd is currently priced at 2,852.40, reflecting a decline of 10.15 points or 0.35%. The stock has been underperforming, having fallen consecutively for the last three days, resulting in a total decline of 1.49% during this period. It is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, the stock's delivery volume has decreased significantly, down 26.96% compared to the 5-day average, suggesting reduced investor interest. Despite a high return on equity (ROE) of 19.89% and low debt-to-equity ratio, the stock is perceived as expensive with a high price-to-book value of 14.9, contributing to its recent price decline.
In the broader market context, Pidilite Industries has underperformed against the benchmark, with a 1-week return of -0.91% compared to the Sensex's -1.06%. Over the past month, the stock has dropped 6.40%, while the benchmark has only fallen 3.70%. This consistent underperformance over the last three years, coupled with a negative return of -8.92% in the past year, highlights the stock's struggle to keep pace with market expectations. The high institutional holdings at 21.29% indicate that knowledgeable investors are involved, yet the stock's flat results and high valuation metrics have led to a lack of confidence, further contributing to its downward price movement.