Well, thanks to the help and suggestions provided by the forum members, I have finally got my machine..Here's the config
AMD Phenom II X4 940 Black Edition
Gigabyte MA790GPUD4H Motherboard
Sapphire Radeon HD 4870 1 GB card
Transcend 4 GB DDR2 @ 800 Mhz RAM
Seagate 500 GB HDD
Coolermaster CM 690 cabinet
Corsair TX 650
Samsung 2233SW monitor
Logitech MX 518 mouse and multimedia keyboard
Altec Lansing MX 5021 speakers
Samsung Optical drive
The total cost was around Rs. 70000.
Amazing rig! How much did u get MX-5021 for?