NEW DELHI: Indian indices might have slipped nearly 10 per cent from their record high hit in 2015, but they still remain a hot favorite of foreign investors among other emerging markets.That is not all. Experts feel that in the short term, other EMs, which were underperforming in the past such as China and Russia, are also catching up fast in FIIs’ buy list.The S&P BSE Sensex has plunged over 2800 points or a little over 9 per cent from its record high of 30,024.74 recorded on March 4, 2015. The index has also erased gains made so far in the calendar year 2015.Foreign portfolio investors have been net buyers by Rs 15,594 crore so far in April, while for the debt segment they have turned net sellers for the first time since April 2014, say media reports.“There has been some pullback from FIIs mainly because of a concern about the currency and that a lot of people have said that they will probably come back once it all stabilizes," says ashupati Advani of pashupatiadvani@globalforay."It is a fact that the current government has been in business for almost a year and things seem to be going slower than most people expect," he says.In absolute terms, “India still remains a sought-out destination among foreign investors,” say experts. But, other emerging markets such as China and Russia, are also looking attractive, they say."Among the four big blocks that constitute the global emerging market space, India was the only one where the story was really strong and consistent," says Christopher Darling of LGM Investments.When asked whether it is still the case now, Darling said that certainly India remains a very solid investment opportunity, but “we obviously have to think about what is going on in China and the Chinese markets as we all know have performed extremely strongly.”"It was India alone six months ago, but now it is perhaps India plus China and there was a reference made earlier to Russia," adds Darling.There were a lot of emerging markets which were very cheap and were underperformers for years. Suddenly, they have woken up in the last three months, say experts."If you look at things on a quarterly basis, then returns by Russian, Brazil and China markets have been phenomenal. So, when value investors invested in these countries, they got very good returns," says S Naren, CIO, ICICI Prudential AMC."Those momentum/growth investors, who have seen India doing well, were overweight and made money. They are now taking some profits to other countries which were underperforming for years," he adds.Naren is of the view that it is basically a victory of value-investing in other countries, which is responsible for the current correction in the domestic market.Both global and domestic concerns have weighed on Indian markets. The sell-off was largely triggered by the concerns that have cropped up with respect to the MAT issue pertaining to the FIIs, muted earnings growth shown by India Inc in Q4, and below normal monsoon, say experts.Naren further explains the current view for foreign investors is that just switch from a performing country like India to some of the countries where they have all been underweight, and which have been very big underperformers."It is more a switch of money in this manner, rather than something more fundamental that you have to worry about," concludes Naren.Experts call the Indian markets a long-term play and in case investors are looking at entering at current levels, they should enter with a long-term view in mind."In absolute terms for India, we still believe in the medium-term positive story for India. We did have concerns about near-term growth expectations because our thesis has been that growth recovery for India will be gradual and mild," says Gautam Chhaochharia, Head - India Research, UBS.Chhaochharia is of the view that the current levels are definitely much more attractive than they used to be three-four months back. UBS has slashed the Nifty target to 9200 from 9600 earlier to reflect the earnings estimate cuts.When investors started trading in the year 2015, it was a general opinion that this will be the big year for the Indian markets. But the benchmark indices remained volatile so far in the year."We are in a structural global bull run in equities. So with that background, India should also do well. We have a target of 9600 to 9900 on the Nifty for the year. That is the target which we had already given in January. So we stick with that view," says Sandeep Tandon, MD & CEO, Quant Capital."We also have to believe that corrections can happen up to 20% even in a bull market. It is not something which will lead to a change in characteristic. So, within the bull market, if these corrections are there, I will look them at as a much more healthy thing," he adds."We think this is the most hated bull run of the decade, which continues because people have not participated, and disbelief is very-very high," says Tandon.