Indian share markets witnessed selling pressure throughout the day and recovered during closing hours to end the day marginally lower. Barring IT sector and healthcare sector, all sectoral indices ended in red with stocks in the capital goods sector, power sector and metal sector witnessing maximum selling pressure.

At the closing bell, the BSE Sensex stood lower by 156 points (down 0.4%) and the NSE Nifty closed down by 57 points (down 0.5%). The BSE Mid Cap index ended the day down by 0.5% while the BSE Small Cap index ended the day down by 0.4%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 1.4% and the Shanghai Composite was down by 0.7%. The Nikkei 225 was up 1%.

The rupee was trading at 70.77 against the US$.

The rupee fell sharply amid weak domestic equities and broad strengthening of the American currency.

The rupee has come under pressure as global oil prices have gained nearly 20% since hitting an 18-month low in late December.

In the news from the engineering sector, BHEL share price was in focus today as the state-owned power equipment maker has won an order worth Rs 5.7 billion from Singareni Collieries Company for setting up solar photovoltaic (SPV) power plants in Telangana.

Bharat Heavy Electricals Ltd (BHEL) said the order valued at Rs 5.7 billion is the largest SPV power plant order won by BHEL till date.

BHEL share price ended the day down by 1.2%.

Moving on to the news from the airline's space, Jet Airways share price witnessed buying interest today on reports that the company is close to finalizing a resolution plan.

Shares of the company rallied around 18% on back of the above news. Reportedly, promoter Naresh Goyal is likely to step down from the board giving up majority control and his stake in the airline may be down to 20-25% with voting rights capped at 10% after the restructuring.

As per an article in a leading financial daily, after the implementation of the resolution plan, banks may increase equity as a part of the restructuring plan. Etihad may infuse capital that could trigger an open offer.

Last Friday, reports stated that the Tata-Jet Airways deal is back on the table.

The cash-strapped airline which had its credit rating cut to default this month is weighing a resumption of stake sale talks with Tata Group as the carrier is poised to run out of cash.

The creditors are open to lending $500 million to Jet Airways if Goyal and Etihad inject a similar amount into the company. A decision will be made once a forensic examination being conducted into the airline's book is completed.

The company met with lenders, lessors and vendors to discuss its financial situation and a debt-repayment plan, last Tuesday.

Earlier, the airline delayed payments to a consortium of Indian banks, led by State bank of India.

According to reports, the payment of interest and principal installment was delayed "due to temporary cash flow mismatch" and the company is in talks with the consortium. The deadline for the payment was December 31, 2018.

This led to a downgrading of the airline's loan and debenture ratings by rating agency ICRA.

ICRA revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C. The short-term rating has been revised to D from A4.

The Naresh Goyal-controlled airline, which has posted three consecutive quarterly losses of over Rs 10 billion each since March, already has as much as Rs 80 billion of debt on its books as on September 30. Rating agency ICRA has already cut the rating on Jet Airways borrowing programmes.

Domestic airlines have been struggling to make a profit because of a rise in operating costs and a weak rupee.

The new year began on a positive note for domestic airlines as state oil marketing companies (OMCs) slashed aviation turbine fuel (ATF) prices by 14.7%.

Note that this is the second consecutive drop in jet fuel price and the sharpest cut since November 2008.

The surge in crude oil prices led to the domestic airlines posting a loss of 23.4 billion in the September quarter.

Reports state that in the first half of FY19, the listed airlines together lost around Rs 0.2 billion per day collectively registering a loss of Rs 36.4 billion.

Crude oil prices, however, are on a decline over the last few weeks over concerns of a supply glut.

Speaking of crude oil, almost every time, a rise or fall in the stock markets is invariably linked to crude oil prices. Have a look at the chart below:

Are Stock Market Returns Really Linked to Crude Oil Prices?