Weak cues from Asian market caused heavy selling pressure over Indian market, indises faced steep downfall. Buying in the fiinal hour session failed to closed the indices in green. Reality is the worst performer with almost all sectoral indices in red. The Sensex closed at 19691, down 265 points from its previous close, and Nifty closed at 5934, down 75 points. The CNX Midcap index was down 0.9% and the BSE Smallcap index was down 1.7%. The market breadth was negative with advances at 240 against declines of 1072 on the NSE. The top Nifty gainers were Bajaj Auto, Sun Pharma, HCL Tech and Maruti Suzuki and losers included Tata Power, Suzlon, Power Grid and SAIL.

Next Day Trading Session: In the next session, 5970 may act as crucial level. Sustaining above 5970, nifty may attract huge buying. However, 5875 may also act as a strong support level. Traders are suggested to take fresh long positions only in NIFTY sustains above 5970. MID- CAP BANKS and AUTO may attract buying while REALITY and POWER may face selling.

Fundamental View: Fairwealth Research Team

Fundamental Picks 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.

Corporate Highlights

Orissa government on Monday signed a concession agreement with Hyderabad based Navayuga Engineering Company Ltd for the development of modern deep water, all weather mechanized port at Astranga in Puri district on 30 years Build, Own, Operate, Share and Transfer [BOOST] basis in three phases at an estimated cost of Rs 6500 crore.

Tata Chemicals, the Tata Group company that is widely known for making the popular Tata Salt, on Monday launched a customised fertiliser product to improve crop yields .While the product will be launched at Babrala in UP, where Tata Chemicals has its manufacturing plant, the company plans to expand the making of the product two more units by next year.