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The valuation of the benchmark Sensex index hasn’t budged much in 15 months by a past price-to-earnings multiple. Sure, in absolute numbers, the gauge is about 10% higher than in January 2012. But since earnings have risen at the same pace, the valuation remains unchanged.

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The supposedly big-bang reforms of September also haven’t done much to boost investor perception of Indian stocks. Although the index did rise as high as 20,000 points after the September measures, there’s still no significant change. In other words, earnings have trailed off. Not much succour is expected in fourth quarter results as well—yet another pointer to a rough road ahead for equities.