New Delhi, June 20 -- According to a report by Jefferies, the Indian stock market is once again facing concerns around high valuations, particularly in the midcap segment.

The report pointed out that the recent market rally has pushed valuations to high levels, raising questions about sustainability and risks going forward.

Jefferies stated, "The rally in the market means valuations have become an issue again, particularly in the mid-cap space".

The report highlighted that the benchmark Nifty Index is now trading at 22.2 times its 12-month forward earnings after rising 14.1 per cent from its recent low on April 7.

The midcap space has seen even sharper gains. The Nifty Mid-Cap 100 Index has surged by 23.7 per cent since April 7 and is...