I have two table T1 and T2. T1 contains the daily data and T2 is the master. Now situation is
if I am updating a new price in item2 with effective from T1 price should get updated based on effective data
If you want the update to T1 to happen automatically, you will need to use a trigger on Table T2. That would guarantee the updates. Alternatively, you can update T1 manually, e.g.
Update T2 Set Price = 123, Effective_From = '20160101' WHERE Item_No = 456;
Update T1 Set Price = 123 WHERE ITem_No = 456 and Sale_DateDate >= '20160101';
The problem with the latter, of course, is that if you forget to update T1, the data can go out of sync.