In the earlier hours Indian indices traded almost flat but heavy selling pressure witnessed in the final hour of the session led it to close down on a weak note. SENSEX closed at 17590, 121 points down, NIFTY at 5262, 40 points down, CNX MIDCAP index was up 0.13% and BSE SMALLCAP index was up 0.90%. Top gainers are listed as LDF, TATAMOTORS, STERLITE, BHEL, HUL and CAIRN. Top losers included HDFCBANK, INFOSYS, WIPRO, GRASIM, SUNPHARMA, HCLTECH and WIPRO.

Next Day Trading Session:

In the next session CEMENT and REAL ESTATE STOCKS may attract buying interest. NIFTY FUTURE may see some more depth to find a good support before achieving buying interest at lower levels. Expected support levels may be 5248 and 5200. Traders are suggested to buy at dips. NIFTY may face resistance around 5315 and 5333 levels.

Fundamental Picks

Investors having a horizon of 6-12 months can buy the following companies. The companies have a potential to give higher returns than index over a long term.

Engineers India Ltd. has achieved its target of Rs 2400, call given at Rs 1610, so we suggest partial profit booking to our clients.

Corporate Highlights

Four Soft UK, a subsidiary of Four Soft has announced that Caligor RX, a global pharmaceutical wholesaler and worldwide distributor of clinical trial supplies has selected Four Soft's warehouse management solution (WMS), 4S eLog to automate its warehousing facility in the United Kingdom.

Puravankara Projects and Desarrolladora Homex, S.A.B. de C.V., through its subsidiary Homex India (Homex) has announced signing of a MOU through which the companies have established the rules for a nonexclusive joint venture company to undertake projects in the affordable entry-level housing segment. The first project of the joint venture company is expected to be in the metro area of Chennai, in South India

Crompton Greaves has announced that the company has concluded an arrangement for the acquisition of Power Technology Solutions (PTS), based in United Kingdom of Great Britain (UK). The approximate enterprise value of this acquisition is 30 million pound. This acquisition will enable the company to become a significant EPM player in the UK.

Supreme Infrastructure India has successfully bagged new order worth Rs. 44.22 crore from executive engineer, construction division No. 2, PWD B & R Br of Kapurthala for construction of Judicial Court Complex at Kapurthala over a span of 24 months. Current order book position stands at approximately Rs 1521 crore.

AREVA T&D India has secured contract for a Gas-Insulated Substation (GIS) package from Bharat Heavy Electricals (BHEL), the largest engineering and manufacturing company in the Indian energy sector.

JMC Projects (India), a subsidiary of Kalpataru Power Transmission (KPTL) has won a National Highway Authority of India (NHAI) project to construct a four-lane highway between Rohtak to Bawal section in Haryana. This is the first BOOT project bagged by JMC. The project under the National Highway Development Program - III is expected to be operational in the next 36 months. The project has been won along with SREI infrastructure as a consortium partner. The total project cost will be in the range of Rs 1,000 crore.

Transgene Biotek has announced the development of a new cancer drug, the drug against multiple myeloma being developed on the Transgene's proprietary technology platform using a specific monoclonal antibody.

Tata Motors, Hitachi Construction Machinery and Telco Construction Equipment Company, a 60:40 joint venture company between Tata Motors and Hitachi has signed an agreement under which Tata Motors has sold a further 20% stake in Telcon in favour of Hitachi for a consideration of Rs. 1159 crore. Consequently, Telcon will be owned 60% by Hitachi and 40% by Tata Motors.

Walchandnagar Industries (WIL) has announced that the company proposes to enter into a joint venture arrangement with DCNS, France for manufacturing of mechanical components for the submarine and other naval applications.

The board of Minal Engineering in its meeting on 09 March 2010 has approved the proposal for purchase of 100% shares of Minal Exim to form a 100% subsidiary of Minal Engineering.

The board of Jay Shree Tea & Industries in its meeting on 30 March 2010 has approved the MOU entered into with the shareholders of M. P. Chini Industries to acquire 100% paid up share capital at a price of Rs. 112.50 crore.

Disclaimer: The above mentioned ideologies are based on the research done at Fairwealth research department. Fairwealth securities (P) Ltd will not be responsible for any kind of losses incurred by any party either directly or indirectly based on our research results, though we have presented to the best of our knowledge.