Indian market faced heavy selling pressure in the final hour of the session, after trading range bound in earlier hours. Almost all sectoral indices turned into red with REALITY as worst performer. The SENSEX closed at 19585, down 345 points from its previous close, and Nifty closed at 5890, down 108 points. The CNX MIDCAP index was down 1.7% and the BSE SMALLCAP index was down 2.3%. The market breadth was negative with advances at 198 against declines of 1114 on the NSE. The top Nifty gainers were Hero HONDA, BHARTI AIRTEL, L & T and POWER GRID and losers included RELIANCE INFRA, HINDALCO, KOTAK MAHINDRA and RELIANCE CAPITAL. The FIIs were net buyers with investments worth Rs. 367.91 cr. (prov. cash market fig) Next Day Trading Session: In the next session, NIFTY if traded below 5850, is likely to test 5757. However, 5980-90 may act as a strong resistance level, traders are suggested to sell at rise and avoid long position below 5850. BANKING and REAL-ESTATE may face major sell off while AUTO and PHARMA STOCKS may attract buying at lower levels. 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 :- Dr Reddys Laboratories has announced the launch of Zafirlukast tablets (10mg and 20mg), a bioequivalent generic version of Accolate in the US market. Alstom Projects India (APIL) has been awarded contracts worth approximately Rs. 43 rore by EDAC Engineering to supply four 300 MW units of seawater FGD (SWFGD) for Ratnagiri Power Plant, owned and operated by JSW Energy.
