TCS and Reliance Industries topped the buying list on Sensex and were also the major contributors to Sensex’ gains, rising 2 percent each. HDFC, Sun Pharma, Wipro, Dr Reddy’s Labs, Sesa Sterlite and Bajaj Auto gained 1-1.7 percent.

GlaxoSmithKline and Sun Pharmaceutical Industries announced that their respective wholly owned subsidiaries have reached an agreement related to GSK’s Opiates business in Australia.

The current GSK Opiates business including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria) along with the inventories will be taken over by the Sun Pharma. The product portfolio consists of poppy-derived opiate raw materials that are primarily used in the manufacture of analgesics for the treatment of moderate to severe pain.

Jonathan Garner, managing director, Morgan Stanley is overweight on India and has a Sensex target of 32500. He expects India to outperform other Asian markets. He is overweight on China too.

The sharemarket recouped early losses amid choppy trade. The Sensex rose 58.39 points to 29517.53 and the Nifty climbed 8.65 points to 8965.40. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.8 percent each. Advancing shares outnumbered declining ones by a ratio of 1291 to 712 on the Bombay Stock Exchange.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-volatile-midcap-outperforms-reliance-tcs-rally_1319003.html