Maximum Pessimism yet?

It's interesting that every news report is talking gloom and doom. This would be a time to start looking for bargain buys. I'll be looking for:-
1. Stocks with businesses that are not affected by the current crises, but are treated guilty by association in the sector/name;
2. Undervalued businesses in other sectors that are getting even more beaten up; and
3. Businesses that will perform irregardless of the trend available at fair value.

I'll be looking in India, US and UK, primarily.