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Jefferies stated that the performance of the Indian stock market in the past 12 months has significantly lagged behind other emerging markets, which has brought its relative valuation down to average levels and increased the possibility of a rebound. In the past 12 months, foreign net sales have exceeded $27 billion, and currently foreign holdings in the Indian market are at low levels; holdings of Indian stocks by emerging market funds have dropped to neutral, whereas in the past, these funds typically maintained an overweighting of 2 to 3 percentage points in Indian stocks. Jefferies' strategist report stated, "This situation makes it easier for the Indian market to experience a short-term rebound."