Why is Polycab India falling/rising?

As of 15-Sep, Polycab India Ltd's stock price is currently at 7,237.60, reflecting a decrease of 14.2 points or 0.2%. The stock has underperformed its sector today, with a performance drop of 1.25%. After experiencing three consecutive days of gains, the stock has shown a trend reversal. Despite being higher than the 20-day, 50-day, 100-day, and 200-day moving averages, it is lower than the 5-day moving average. The stock has demonstrated a positive long-term performance, with a 7.10% return over the past year, although it has seen a slight decline of 0.47% year-to-date. The company benefits from strong fundamentals, including a low debt-to-equity ratio and significant growth in net sales and operating profit, which are positive indicators for long-term investors. However, the stock's high valuation, indicated by a Price to Book Value of 11.1, may be a concern for some investors.
In the broader market context, Polycab India has underperformed relative to the Sensex in the short term, with a 1-week return of -1.28% compared to the Sensex's gain of 1.24%. While the stock has shown strong institutional support, with holdings at 23.05% and an increase of 0.99% over the previous quarter, the overall market sentiment appears to be more favorable for the benchmark index. The stock's recent decline may reflect a correction after its previous gains, coupled with concerns over its high valuation compared to peers. Despite these challenges, the company's solid fundamentals and market position suggest potential for recovery in the long term.