Why is Polycab India falling/rising?

As of 31-Jul, Polycab India Ltd's stock price is currently at Rs 6,829.90, reflecting a decline of Rs 91.6 or 1.32%. The stock has been experiencing a downward trend, having fallen for the last two days with a total decrease of 1.91% during this period. It opened the day with a loss of 3.02% and reached an intraday low of Rs 6,712.2. In terms of performance against benchmarks, the stock has shown a slight decline of 0.11% over the past week, while the Sensex has decreased by 1.22%. Despite a positive long-term outlook characterized by strong sales growth and low debt, the stock's recent performance is hindered by falling investor participation, as evidenced by an 8.77% drop in delivery volume compared to the five-day average. In the broader market context, Polycab's recent performance contrasts with the benchmark index, which has also experienced losses. The stock's year-to-date return is down 6.07%, while the Sensex has gained 3.90% in the same period. Although Polycab has strong fundamentals, including a healthy growth rate in net sales and operating profit, its high valuation and premium compared to peers may be contributing to the recent price decline. The company's high institutional holdings indicate confidence from larger investors, but the stock's expensive valuation and recent performance suggest that market sentiment may be cautious at this time.