Why is Polycab India falling/rising?

As of 21-Aug, Polycab India Ltd's stock price is currently at 7,093.00, reflecting a decrease of 47.8 points or 0.67%. The stock has experienced a trend reversal, falling after seven consecutive days of gains. Despite this recent decline, Polycab India has shown strong performance in the past week, with a return of 1.83%, slightly outperforming the Sensex, which returned 1.74%. The stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive trend. However, there has been a notable decline in investor participation, with delivery volume dropping by 45.16% compared to the 5-day average, which may contribute to the current price movement. The company has strong fundamentals, including low debt and significant growth in net sales and operating profit, but it is also facing valuation concerns, as indicated by its high Price to Book Value ratio.
In the broader market context, Polycab India's short-term performance has been favorable compared to the benchmark, as it has outperformed the Sensex over the past week and month. However, year-to-date, the stock has underperformed the benchmark, with a decline of 2.46% against the Sensex's gain of 4.94%. The high institutional holdings at 23.05% suggest confidence from larger investors, but the stock's premium valuation compared to peers may be a concern for potential investors. Overall, while Polycab India has demonstrated strong long-term growth and profitability, the recent price drop may reflect a combination of profit-taking after a strong run and concerns over its current valuation.