Why is Polycab India falling/rising?

As of 26-Aug, Polycab India Ltd is experiencing a decline in its stock price, currently at 7,036.85, which reflects a decrease of 24.65 points or 0.35%. The stock has been under pressure, having fallen consecutively for the last two days, resulting in a total return of -0.93% during this period. Despite this recent downturn, the stock has shown resilience over the past month with a positive return of 4.58%, outperforming the Sensex, which has declined by 0.83%. The company benefits from strong fundamentals, including a low debt-to-equity ratio and impressive growth in net sales and operating profit, which could support its long-term performance. However, the stock's valuation appears high compared to its peers, with a Price to Book Value of 10.8, which may be contributing to the current selling pressure.
In the broader market context, Polycab's short-term performance has been slightly better than the benchmark, as it has outperformed the Sensex by 2% today despite the recent price drop. The stock's liquidity remains adequate, but a significant decline in delivery volume suggests reduced investor participation, which could be a factor in the stock's current price movement. Additionally, while institutional holdings are strong and have increased, the overall market sentiment may be cautious due to the stock's expensive valuation relative to its earnings growth, as indicated by a PEG ratio of 2. This combination of factors may be influencing investor behavior and contributing to the stock's recent decline.