Weak cues from ASIAN MARKET caused selling pressure in Indian market in the later half session, most of the sectoral indices closed in red. SENSEX closed at 20589, down 286 points and Nifty at 6194, down 81 points from the previous close. CNX MIDCAP index was down 1.2% and BSE SMALLCAP index was down 0.5%. The market breadth was negative with advances at 430 against declines of 880 on the NSE. Top Nifty gainers were RELIANCE POWER, HINDALCO,

RELIANCE INFRASTRUCTURE, TATAPOWER, M&M, HEROHONDA while losers included DLF, RANBAXY, BHARTIART, CIPLA, BHEL and JAIPRAKASH ASSOCIATES. The FIIs were the net sellers with sales to the tune of Rs 60.42cr (prov cash market fig.)

Next Day Trading Session: In the next session NIFTY may strong resistance around 6280-6300 while 6090-6100 may act as a strong support. Traders aresuggested to follow the strategy of selling at rise. OIL-GAS and REAL-ESTATE may face major selling pressure while AUTO and PHARMA SECTOR may attract buying.

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 : India's food price index rose 12.30 percent, while the fuel price index climbed 10.67 percent in the year to Oct. 30, government data on Thursday showed. In the prior week, annual food and fuel inflation stood at 12.85 percent and 10.67 percent, respectively. The primary articles price index was up 14.87 percent in the latest week compared with an annual rise of 15.43 a week earlier.

Jaypee Associates, a construction and energy company, could consider mobilising close to $500 million through equity sale in Jaiprakash Power Ventures (JVPL) in 2011. According to Rahul Kumar, CFO, JP Associates, the holding company for power is adequately funded for executing projects till October 2011. JP Associates could also look at opportunities to refinance debt. "We have not decided the mode of the equity fund raising yet. It may be too early to engage an advisor," Mr Kumar said

PSU copper miner Hindustan Copper (HCL), which is set to launch a follow-on offer, is eyeing around Rs 3,000 crore by selling by-products from its mines at Malanjkhand in Madhya Pradesh and Khetri in Rajasthan. The company has floated tenders for selling about 200 million tonnes of high-quality granites (also called waste rock) at its MP mines and 95 million tonnes of copper tailing from its mines in MP and Rajasthan.

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.