Stay away from steel stocks: Ajay Bodke

Ajay Bodke of Prabhudas Lilladher told CNBC-TV18, "I will be very wary on steel. I think the global supply exceeds demand significantly. Although the government is making an attempt to raise duties in certain pockets but there is an inherent limit to which they can protect the steel companies because of the treaties that they have entered into – WTO. So, I would stay away; it is like catching a falling knife."At 10:58 hrs Tata Steel was quoting at Rs 243.35, up Rs 2.45, or 1.02 percent.