New Delhi, Feb. 24 -- 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. Additionally, there is also buying compulsion for Nifty ETF when a stock enters Nifty and this supports the positive momentum," said an analyst requesting anonymity.

In any case, Tata Consumer's shares have been one of the best performing consumer stocks in 2020. Shares of the company had appreciated by an impressive 84...