I configured the Postfix mail server and tried to send a test mail to my gmail id.It dont show anything when i ran the following command:

echo "hello root" | mail -v -s hello ajeetraina@gmail.com

I checked with the logs
#tail -f /var/log/mail.log
--------------------------------------------------------------------
Nov 12 18:50:02 DICEX postfix/qmgr[16353]: EED414C0091: removed
Nov 12 18:50:02 DICEX postfix/smtp[9372]: 012D74C008E: to=<root@DICEX>, orig_to=<root>, relay=none, delay=0.07, delays=0.06/0.01/0/0, dsn=5.4.6, status=bounced (mail for DICEX loops back to myself)
Nov 12 18:50:02 DICEX postfix/cleanup[9370]: 0B5FC4C0091: message-id=<20071112132002.0B5FC4C0091@DICEX>
Nov 12 18:50:02 DICEX postfix/smtp[9369]: 082624C0090: to=<usercc@DICEX>, relay=none, delay=0.01, delays=0.01/0/0/0, dsn=5.4.6, status=bounced (mail for DICEX loops back to myself)
Nov 12 18:50:02 DICEX postfix/qmgr[16353]: 082624C0090: removed
Nov 12 18:50:02 DICEX postfix/qmgr[16353]: 0B5FC4C0091: from=<>, size=2185, nrcpt=1 (queue active)
Nov 12 18:50:02 DICEX postfix/bounce[9371]: 012D74C008E: sender non-delivery notification: 0B5FC4C0091
Nov 12 18:50:02 DICEX postfix/qmgr[16353]: 012D74C008E: removed
Nov 12 18:50:02 DICEX postfix/smtp[9372]: 0B5FC4C0091: to=<root@DICEX>, relay=none, delay=0.07, delays=0.07/0/0/0, dsn=5.4.6, status=bounced (mail for DICEX loops back to myself)
Nov 12 18:50:02 DICEX postfix/qmgr[16353]: 0B5FC4C0091: removed

Any idea ???whats wrong going on here..

I've seen this before, and if my memory serves me correctly, it's a DNS issue.

Check you zone file, or post it here

Here you go - look for something along these lines

http://www.topology.org/linux/postfixloop.html