Tata Consumer Products hit a new high today morning at Rs.652.85, a surge of over 4%. With some profit taking coming in, the stock is now trading at Rs.633 levels, around 1% up.
The stock price reacted to NSE issuing a statement saying that it will included in the Nifty 50 Index, replacing GAIL, effective 31st March.
And whenever there is such news of the index juggle, the immediate short term reaction of stocks getting included in the Nifty is positive.
Analysts are of the opinion that the stock is fully priced and major upswings in the price might be capped.