I am too a cse undergrad and whatever I am going to write as qn answer to the question is what I have learnt from my seniors, professors and other cse engineers.
If anyone wants to add anything or correct me I will be happy.
When one has completed their undergrad course, one is expected that he should have fairly good knowledge of
1)some programming languages like c, c++,python, java etc.
or some scripting languages like html, css, javascript,php etc.
2)database management system and some database manipulation language like mysql.
3)knowledge of data structures and how to implement them.
4) operating systems some basic commands and theoretical concept of how things work inside an os, network system.
5) should have implemented a few small projects.