Indian market is unlikely to see any major correction in the near-term, said Navin Agarwal, MD of Motilal Oswal Financial Services, adding that while foreign institutional investors (FIIs) are withdrawing funds from India, domestic institutional investors (DIIs) continue to invest more.

Agarwal was speaking to CNBC-TV18 at the curtain raiser of Motilal Oswal's 14th Annual Global Investor Conference. Besides Agarwal, Rajat Rajgarhia, CEO-Institutional Equities and Gautam Duggad of Motilal Oswal Financial Services were also present in the event.

The market is currently pricing in the growing optimism, said Rajgarhia.

“When you look at forward multiples, the market may look at above the long-term average multiples but the earnings growth cycle is what it is more excited about right now and as we have seen the disappointments in the last 7-8 years of down cycle, we may be up for surprises in this upcycle also,” he said.

On Nifty, Duggad said when you look at averages, there are always some distortions. "Look at Nifty’s composition and how it has changed in the last 7-8 years,” he asked.

Disclosure: Motilal Oswal is one of the launch partners of CNBC-TV18.com.