Indian market faced heavy selling pressure through out the session with indices closed with 0.75% loses. Realty appeared as worst performer, Banking and Metals also appeared bearish. The Sensex closed at 19292, down 157 points from its previous close, and Nifty shut shop at 5785, down 48 points. The CNX Midcap index was down 0.7% and the BSE Smallcap index was down 0.5%. The market breadth was negative with advances at 399 against declines of 905 on the NSE. The top Nifty gainers were ONGC, Sun Pharma, ICICI Bank and Dr Reddy's Lab and prime losers included RCom, Kotak Mahindra Bank, Ranbaxy and Cipla.

In the next session, Nifty is expected to trade in the range 5752-5822. If moved beyond the range it may get support at 5690, also 5857 and 5890 are strong resistance levels. Bank Nifty is expected to trade in the range 11550-11785. If moved beyond the range 11440 might be another support level. 11861 may act as strong resistance level. Traders are suggested to follow the strategy of selling at rise.

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.

State-run lender Bank of Baroda is planning to increase the number of overseas branches to 100 in FY12 from 85 now. (ET)

ICICI Bank posted a net profit of Rs 1,452 crore for the fourth quarter ended March 31, 2011, up 44.4% from Rs 1,005 crore in the corresponding quarter a year ago. (BS)

Biotechnology major Biocon reported a growth of 25.04 per cent in consolidated net profit to Rs 100.81 crore for the fourth quarter ended March 31, 2011. (BS)

Wipro's consumer products division will increase prices of its soap brands such as Santoor and Chandrika for the second time this calendar year due to high palm oil prices. (ET)

Tata Power Company (TPC) will invest Rs 1,300 crore in 2011-12 to add 185 MW generation capacity from wind and solar energy (ET)

India's largest listed biotechnology firm Biocon Ltd would divest its stake in German unit AxiCorp to the existing group of the German unit's shareholders. (ET)

India's food price index rose 8.76% and the fuel price index climbed 13.53% in the year to April 16. In the previous week, annual food and fuel inflation stood at 8.74% and 13.05%, respectively. The primary articles price index was up 12.08%, compared with an annual rise of 11.96% a week earlier. The wholesale price index-based inflation, the most widely watched gauge of prices in India, rose 8.98% in March from a year earlier, higher than February's 8.31% rise. (MC)

India's cabinet approved increasing prices at which potash and diammonium phosphate (DAP) will be sold to farmers in FY12. (ET)