Why is Polycab India falling/rising?

As of 23-Jul, Polycab India Ltd's stock price is currently at 6,883.65, reflecting a decrease of 76.35 points, or 1.1%. The stock has been underperforming, having lost 2.22% over the last two days and showing a performance today that is 0.68% lower than its sector. Additionally, the stock's recent returns indicate a decline of 0.83% over the past week, while it has gained 9.42% over the last month. Despite these short-term challenges, the company has demonstrated strong long-term fundamentals, including a significant growth in net sales and operating profit, alongside a low debt-to-equity ratio. However, the stock's valuation appears expensive, with a high price-to-book value and a PEG ratio of 1.9, which may contribute to the current price decline.
In the broader market context, Polycab India Ltd's recent performance contrasts with the Sensex, which has seen a slight increase of 0.11% over the past week. While the stock has outperformed the benchmark over the last year with a return of 10.97% compared to the Sensex's 2.86%, the recent underperformance may reflect a broader market sentiment or investor caution, particularly given the falling investor participation and liquidity concerns. The high institutional holdings suggest confidence in the company's long-term prospects, yet the recent price movement indicates that short-term pressures are currently affecting investor sentiment.