While India may not look particularly cheap an absolute basis, but on a relative basis... it may if a leading daily is to be believed. As today's chart of the day highlights, India has been the biggest beneficiary of FII inflows flowing into emerging markets. But that has led to an important side effect. That of valuations spilling over from the heated to overheated zone; when compared to its peers that is. It is believed that the Indian markets are trading at a premium of some 40% to the MSCI emerging market index. Besides, with the talk of the US Fed seriously considering rate hikes, FII inflows themselves could slow down. The odds do not seem to be in favour of the average investor in present times.