Why is Polycab India falling/rising?

As of 22-Jul, Polycab India Ltd's stock price is currently at 6,960.00, reflecting a decrease of 80.05 points or 1.14%. The stock has underperformed its sector by 3.03% today and has experienced a trend reversal, falling after two consecutive days of gains. Despite this recent decline, Polycab India has shown positive performance over the past month with a return of 15.77%, while the stock has outperformed the benchmark Sensex over the last year, generating a return of 10.46% compared to the Sensex's 2.09%. However, there has been a notable drop in investor participation, with delivery volume falling by 56.55% against the five-day average, which may contribute to the current price decline.
In the broader market context, Polycab India's recent performance contrasts with the Sensex, which has seen a slight decline of 0.47% over the past week. The company's strong fundamentals, including low debt levels, significant growth in net sales and operating profit, and high institutional holdings, suggest a solid long-term outlook. However, the stock's current valuation appears expensive, as indicated by a high Price to Book Value ratio and a PEG ratio of 1.9, which could be causing some investor hesitation. Overall, while the company has demonstrated strong historical performance and growth, the recent price drop may be influenced by a combination of reduced trading volume and concerns over valuation.