Tata Steel has sold shares worth Rs 2,500 crore in group company Tata Motors in two separate transactions of Rs 1,250 crore each.
With price to earnings multiples of less than 10 and good dividend paying track record, these companies may be perceived as undervalued.
Rakesh Arora, an analyst with Macquire Research, said the situation is worse than the one seen in 2009, when steel producers raised a similar demand for protection.
Three key technical indicators RSI, Put-Call Ratio and Stochastic Oscillator are suggesting that markets are now in an oversold zone.
Fund managers said the high foreign ownership in banks makes them vulnerable to further outflow but investors could consider them on further declines.
Punters in the currency market are betting that the rupee will slide further against the US dollar in the short term ahead of Fed meeting.
Despite undercutting competitors, PAL's operating margin is around 20% — higher than many of its peers which advertise aggressively.
According to a recent Barclays report, this is a much more severe commodity price downturn than any the market has experienced in recent history.
Considering the rich valuations of stocks in several sectors, investors seem to have turned to paper-producing companies.
Indian steel companies reeling under mounting imports from China, South Korea and Japan have urged the government to impose `safeguard duties'.
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