I am looking for a nice point and shoot camera under 400 $ ( Strictly ).
Can I expect a decent Point and Shoot that comes somewhat closer to an entry level DSLR's image quality with good performance under low light conditions.
I would recommend the Canon PowerShot Elph 510 HS or the Canon PowerShot SX260 HS, both have excellent performance for an excellent price (less than $400) if you seek out a deal. A DSLR's quality is better, unquestionably, but these cameras should get the job done in reasonable lighting. Take a look at these reviews: