Again Indian market had a volatile session, Indices oscillated above and below the dotted line and finally closed with moderate loses. Auto sector attracted good buying. The Sensex closed at 19448, down 96 points from its previous close, and Nifty closed at 5833, down 34 points. The CNX Midcap index was down 0.01% and the BSE Smallcap index was down 0.05%. The market breadth was negative with advances at 538 against declines of 759 on the NSE. The top Nifty gainers were ONGC, Mahindra & Mahindra, Maruti Suzuki and ITC and prime losers included Ambuja Cements, Wipro, JP Associates and BHEL. FII’s were net sellers with the tune of Rs. 711.86 Cr (cash market fig.)

In the next session, Nifty is expected to trade in a wide range 5780-5903. Beyond this range 5930 might be strong resistance level while 5730 may act as another support level. Traders are suggested to stay bearish as long as NIFTY is trading below 5944 level. Bank Nifty is expected to trade in the range 11710-11960. Still, 12060 is a strong resistance while 11550 is another support level.

Investors with horizon of 6-12 months can consider following scripts for their investment. These companies have potential to give higher returns than index over a long term.

Private airlines led by low cost carriers have jacked up their fares by upto 50% on the Mumbai-Delhi sector in the wake of the trike by a section of Air India pilots who are demanding pay parity and better working conditions. (BS)

Defence PSU, Bharat Electronics Limited (BEL) announced that its sales turnover had increased to Rs 5,550 in 2010-11 provisional) from Rs 5,220 crore in 2009-10, registering a growth of 6.3%. (BS)

Coal India Limited (CIL) has received 27 proposals from 16 companies for getting imported coal at discounted prices. (ET)

Pratibha Industries has bagged order worth Rs 1.01 bn for pumped water supply scheme from Gujarat Water Infrastructure td. The latest project is expected to be completed in 6 months. (ET)

Consumer products major Dabur reported a 10.4% hike in net profit for the quarter ended March 31, 2011 to Rs 147.03 crore ersus Rs 133.23 crore reported last year. Net sales, on the other hand, was up 30.4% for the quarter under review to Rs ,108.22 crore versus Rs 848.58 crore reported last year. (BS)

Fabric whitener and detergent maker Jyothy Laboratories Ltd is in advanced talks to buy Henkel AG's 51% stake in its Indian rm Henkel India for Rs 900 crore ($202.8 million). (BS)