My issue is solved.I just followed the following steps:
Create a BlogEditor role. Add a Drummer account and the Guitarist account to this role
Log on as Drummer and create a blog, log on as Guitarist and create a blog.
Create 2 pages, one called Drummer Blog and one called Guitarist Blog.
Insert the Blog module on both.Modify the blog modules on these pages to allow editing by BlogEditor accounts
Logged on as Admin, modify the Blog Module Settings and make them "PersonalBlogPages".
On the main page insert the Blog module and leave it as is.
Now my logic which i was looking for  is working viz. Every user role can view and edit their independent blog page after logging in.Also
On the main page i can see all blog entries.
On the Drummer Blog page i can see only the Drummer blog entries.
On the Guitarist Blog Page i can see only the Guitarist
Blog entries forDrummer and Guitarist can only post to their respective blogs
Thanks,
Swaminathan,
Web Application Engineer,
www.steadfastglobal.com