Tata Consumer Products secures a spot in Nifty50; shares hit new 52-week high1 min read . Updated: 24 Feb 2021, 11:33 AM IST
- Helped by better in-home consumption and consumer preferences for known brands during the pandemic, Tata Consumer’s shares have been one of the best performing consumer stocks in 2020.
Shares of Tata Consumer Products Ltd hit a new 52-week high on Wednesday on National Stock Exchange (NSE) in early deals. According to a statement by NSE, the Tata Consumer stock will be included in the Nifty 50 index and will replace those of GAIL (India) Ltd from 31 March. From a near-term perspective, this is sentimentally positive for the Tata Consumer stock. “Stocks generally rally on this news in the short-term. Additionally, there is also buying compulsion for ETFs that track the Nifty when a stock enters the index and this supports the positive momentum," said an analyst requesting anonymity.
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