New Delhi, March 12 -- Escalating tensions in West Asia and the resulting market correction have revived a familiar debate on Dalal Street: are Indian equities finally getting cheaper?

Benchmark indices have come under pressure over the past two weeks amid global risk aversion, rising crude oil prices and persistent foreign portfolio investor outflows, prompting investors to reassess valuations after trade-deal-fuelled exuberance and a sharp rebound from budget-session lows.

However, the correction has only partly cooled the market's froth. A Mint analysis of over 3,400 BSE-listed companies shows that while valuations have moderated from recent highs, a significant portion of stocks still trades at premium multiples.

Valuations across ...