Policy deadlock pulling India down among EMs; like DMs: Ian Hui

Global markets are currently in an oversold territory due to concerns regarding commodity prices, muted emerging markets economic growth, particularly due to a slowdown in China, says Ian Hui of JP Morgan AMC.Speaking to CNBC-TV18, Hui says he prefers developed markets over emerging markets. While Russia and Turkey look attractive in the emerging markets (EMs) space, India has moved lower among favored EMs due to policy deadlock, he says. This in turn is concerning foreign investors investing in India, he adds.Hui believes that the Indian equity market would feel more pressure as there are signs of growing outflows from emerging markets. Talking on the Budget expectation, he says increase in government spending at the cost of fiscal deficit will be a positive for the country. Hui is of the view that Indian corporate earnings, currently in a cyclical downturn, will improve as economy grows.  Transcript to follow