Why is Redington falling/rising?

As of 27-Oct, Redington Ltd's stock price is currently at 262.05, reflecting a decrease of 2.0, or 0.76%. The stock has been underperforming recently, having fallen consecutively for the last three days, resulting in a total decline of 2.57% during this period. In terms of performance relative to the market, the stock has underperformed its sector by 0.37% today. Although the stock has shown strong long-term fundamentals, with a 31.12% year-to-date return and a 62.01% return over the past year, recent profit declines of 6.7% have raised concerns. Additionally, while the stock has a high institutional holding of 78.83%, which typically indicates confidence in the company's fundamentals, the recent flat results and declining profitability metrics may be contributing to the current price drop.
In the broader market context, Redington's short-term performance has lagged behind the benchmark, with a 1-week return of -1.85% compared to the Sensex's gain of 0.49%. This underperformance in the short term, coupled with the stock's recent price decline, suggests that investor sentiment may be cautious despite the company's strong long-term growth potential and market-leading position within its sector. The overall market has been performing well, as indicated by the Sensex's positive returns over various periods, which further highlights Redington's recent struggles in comparison.