Markets may see new high in FY11: Motilal Oswal

The Indian stock markets may see new highs, crossing the 21,000-points level in FY11, Motilal Securities Financial Services Chairman and Managing Director Motilal Oswal said here.

"I am little cautious in short-term, but I am hopeful that the Sensex will cross the 21,000-mark in 2010-11," Oswal told PTI on the sidelines of a conference here.

In line with the global markets, which are in very good shape, the Indian market will continue the upward movement, he said.

"I would remain cautious, although optimistic, in the longer-term on various macro economic indicators," Oswal said.

The market may see small corrections and investors should buy stocks at any corrections, he said.

Commenting on foreign institutional investors (FIIs) inflow, Oswal said, "The FIIs investment trend is much more positive this year. In the first five months period this year, FIIs inflow is bigger than last 12-months outflow".

Oswal is bullish on sectors like auto, telecom, FMCG, pharmaceuticals and banking.