Here is list of Top 5 things I look for in a candidate I interview for software jobs :
1) Good attitude
Good attitude to work. This is a primary requirement. Any job you look for you must have the passion to work, to succeed. This goes a long way to keep you motivated and become productive for the organisation you work for.
Never say die attitude is your best asset. I donot mean it just like that. Think on what is the meaning of Good Attitude. You need to have the right reasons for seeing a job. Eg: if your intention to seek a job is to get a good spouse :-) you do not have the right attitude and this will show in the interview phase and in your work too.
Try to build practical knowledge on the way. Relate to the experience you had while doing the project or some industrial training you attended. This will convince the interviewer that you are serious chap and will support your case as a serious professional.
2) Good aptitude:
Well this surely is more for an IT job but difinitely any job will need you to have reasonable aptitude. Analytical capability is important and will be necessary to do your work smoothy.
3) Good communication
A communicator will always succeed. The importance of good communication is obvious. You are able to convey your ideas and are able to digest ideas given by others in a smooth manner. This improves your personality and value in an organisation.
4) Subject Knowledge :
Our education system gives a lot of data for us to process during our academic careers. You need to make sure that you are serious in a good career. You need to convince your interview that you are a go getter and have used your time usefully.
5) You need to have problem solving skills
With comparitively less practical training in our colleges, we may lack realtime experience and actual problem solving skills. Some branches in Engg, stress on problem solving. Students, do not skip the "End of chapter" exercises that you have on extra problem solving. Its very good for you long term.
A bonus :
Programming Knowledge
Well this is mainly for those getting into IT. If you have strong knowledge in a programming language I am ok even if you know nothing about points 4 and 5 above !
Good luck !