Why is Polycab India falling/rising?

As of 01-Aug, Polycab India Ltd is experiencing a decline in its stock price, currently at Rs 6,698.90, which represents a decrease of Rs 131.0 or 1.92%. The stock has underperformed its sector by 0.83% today and has been on a consecutive fall for the last three days, accumulating a total decline of 3.79% during this period. Despite being higher than the 50-day, 100-day, and 200-day moving averages, it is lower than the 5-day and 20-day moving averages. The stock's performance over the past week shows a slight decline of 0.44%, while it has gained 0.58% over the past month. However, year-to-date, it has dropped by 7.88%. Positive factors include strong long-term fundamentals, such as a low debt-to-equity ratio and significant growth in net sales and operating profit. However, the stock is considered very expensive with a high price-to-book value, which may be contributing to the recent price decline.
In the broader market context, Polycab India’s short-term performance has been better than the benchmark Sensex, which has declined by 1.06% over the past week. While the stock's year-to-date performance is negative, the Sensex has shown a positive return of 3.15% in the same timeframe. The high institutional holdings at 23.05% indicate confidence from larger investors, but the stock's high valuation compared to peers may be causing caution among retail investors. Overall, the combination of recent price declines, high valuations, and mixed short-term performance relative to the benchmark suggests that investor sentiment may be cautious despite the company's strong fundamentals.