Sensex Nifty EPS not increasing

I had provided an early indication of what Sensex and Nifty EPS would look like after this quarter results in the article on May 1. The situation has not improved at all since then. Low P/E Grasim was replaced by high P/E JSPL in Sensex on 26 May and so the latest Sensex EPS has come in at 16387.84/19.78=828.5. The Nifty EPS is holding at 4917.4/20.52=239.64. So since our last update, the Sensex EPS has gone down by 2.375% and Nifty EPS has gone up by 1.2%. Not very pretty. Have some negatives like higher tax rate and dilution and the Sensex 16.5K and Nifty 5K does not hold a good picture. Be cautious!!!!