The login form contains a several hidden fields:
<input type="hidden" name="lt" value="LT-1314930-GPfgUfyUj5eRY4RCaoa1Xi3gi5Jfsf" />
<input type="hidden" name="execution" value="e3s1" />
<input type="hidden" name="_eventId" value="submit" />
Most likely the first, and perhaps the second field are auto-generated and tied to the session. You'll need to load the login page first (using a session), parse those fields and include them in your POST.
The reason you get 200 responses is that the site redirects unauthorized requests back to the login page; check r.history, there will be one or more 302 responses in that list.
You could use BeautifulSoup to parse this, or use robobrowser, which combines requests and BeautifulSoup, together with a dedicated form handler to make a browser-like framework for navigating a website:
from robobrowser import RoboBrowser
browser = RoboBrowser(history=True,
user_agent='Mozilla/5.0 (X11; Linux x86_64) AppleWebKit/537.36 (KHTML, like Gecko) Ubuntu Chromium/33.0.1750.152 Chrome/33.0.1750.152 Safari/537.36')
browser.open('http://selleraccounts.snapdeal.com/')
form = browser.get_form(id='fm1')
form['username'].value = myusername
form['password'].value = mypassword
browser.submit_form(form)