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I have set the "Qty for item's status to become out of stock" to 0 and the available Qty has become 0 but the item is still shown as in-stock. enter image description here

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Check your system configuration for values set at different store/website levels that might override your global settings.

Check your individual products for configuration that might override your system configuration levels.

Try setting a quantity to 1, purchasing a product, and checking is things are marked out of stock. (i.e. the products you see may have been explicitly set to be in stock with a quantity of 0 before you made your change. If this is the case and the system is otherwise behaving, I'd try setting those products to be out of stock manually)

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