Emerging market investors, who minted money following the mantra of 'Buy India, Sell China' in the last 2 years, are now beginning to take reverse steps following Beijing's bazooka stimulus for rescuing the economy and markets. After languishing against other EM peers, the Chinese stock market has roared back to life with CSI300 jumping 25% in one week and Hang Seng rallying 16%. On the other hand, both Nifty and Sensex have been under selling pressure with FIIs pulling out more than a billion dollars in Monday's trade when Sensex ended nearly 1,300 points lower. While institutional investors are worried about peak valuation in a retail investor liquidity-led rally on Dalal Street, FIIs now have enough reasons to buy the Chinese resurgence story - large stimulus package, cheap valuation and underweight stance. "India has performed strongly and we are looking at other markets. China and ASEAN could actually outperform. India is actually quite a domestic liquidity market," Joanne Siew Chin of DBS Group said.