Why is Polycab India falling/rising?

As of 06-Aug, Polycab India Ltd is experiencing a decline in its stock price, currently at Rs 6,823.10, which represents a decrease of Rs 102.85 or 1.48%. Today's performance indicates that the stock has underperformed its sector by 0.39%, following a trend reversal after two consecutive days of gains. The stock reached an intraday low of Rs 6,680, reflecting a drop of 3.55%. In terms of returns, the stock has shown a negative performance of 1.42% over the past week, while it has gained 1.80% over the past month. Despite its strong long-term fundamentals, including a low debt-to-equity ratio and significant growth in net sales and operating profit, the stock's valuation appears expensive, contributing to its recent downward movement.
In the broader market context, Polycab's short-term performance has lagged behind the benchmark Sensex, which has declined by 1.15% over the same week. While the stock has outperformed the benchmark over longer periods, such as a 6.14% return over the past year compared to the Sensex's 2.48%, the recent drop in investor participation, with a 46.01% decrease in delivery volume, suggests waning interest. Additionally, the stock's high institutional holdings of 23.05% indicate confidence from larger investors, but the current premium valuation compared to peers may be causing caution among retail investors, further influencing the stock's price decline.