It believes that BSE Sensex will reach 22,500 by December-end.
Higher food prices can accelerate broader inflation by pushing up wages, while negatively impacting the government finances and reducing monetary policy flexibility, Moody's said in a report.
It doesn't point out weakness that is being reported.
It believes that there had been "little progress" in structural reforms.
India taxes these investors higher and is excessively cautious towards derivatives.
The warning late on Wednesday came as a surprise given Tata shares hit a record high earlier this month on a rally sparked by expectations for improving sales at JLR, especially in the key China market, and optimism about the launch of new models.
It said that the company encourages "chronic under-performers" to leave as part of its staff management.
The software services provider looks to cut costs and boost sales.
India's sovereign rating could be cut if the government loosens fiscal policy in the run-up to elections, says Fitch.
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