Indian market faced selling pressure through out the session, but final –half hour pull back helped indices to shed some of the loses. SENSEX closed at 20250, down 65 points from its previous close, and Nifty closed at 6103, down 16 points. CNX MIDCAP index was down 0.7% and BSE SMALLCAP index was down 0.2%. The market breadth was negative with advances at 419 against declines of 874 on the NSE. Top gainers included CIPLA, HINDALCO, RCOM, WIPRO, RIL, RANBAXY and SUNPHARMA. Top losers are listed as TATASTEEL, M&M, JAIPRA, TATAMOTORS, ONGC, KOTAKBANK and SAIL. The FIIs poured in investments worth Rs. 586.22 Cr. (provisional cash market figure)

In the next session NIFTY if sustained above 6140 may attract buying and it may test 6200 and 6230 levels. However, below 6060 NIFTY may face heavy selling pressure. Traders are suggested to be cautious of breaching of the range 6060-6140 in NIFTY. AUTO, OILGAS and POWER may attract buying in the next session, while FMCG and CAPITAL GOODS may appear weak.

Investors who have a horizon of 6-12 months can buy the following companies. The companies have potential to give higher returns than index over a long term.

State Bank of Travancore has announced that the bank has decided to revise the base rate from 7.75% to 8.00% and the benchmark prime lending rate from 12.75% to 13.00% with effect from 11 October 2010.

7Seas Technologies has announced that the company's name has been changed from 7Seas Technologies to 7Seas Entertainment vide fresh certificate of incorporation, consequent upon change of name, dated 04 October 2010 issued by Registrar of Companies, Hyderabad.

The board of My Fair Lady has approved the merger / amalgamation of Dynamic Movers with the company.

Disclaimer: The above mentioned ideologies are based on the research done at Fairwealth research department. Fairwealth securities Ltd will not be responsible for any kind of losses incurred by any part either directly or indirectly based on our research results, though we have presented to the best of our knowledge.