Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the power sector, metal sector and energy sector witnessing buying interest while telecom stocks and IT stocks are witnessing selling pressure.

The BSE Sensex is trading down by 42 points (down 0.1%), while the NSE Nifty is trading down by 11 points (down 0.1%). The BSE Mid Cap index is trading up by 0.1% and the BSE Small Cap index is trading down by 0.5.

The rupee is trading at Rs 70.87 against the US$.

The rupee gained 7 paise against the US$ on account of selling in American currency by banks and exporters.

Market participants are tracking Sun Pharma share price, Bata India shares price, Coal India share price, and Oil India share price as these companies are set to announce their December quarter results later today.

You can also read our recently released Q3FY19 results: Reliance Industries, Infosys, TCS, Trident, HDFC Bank, Maruti Suzuki, Tata Motors, Tata Steel, Aurobindo Pharma, MRF, Gillette.

In the news from the pharma sector, Dr. Reddy's share price is in focus today after the company announced the launch of Tadalafil Tablets USP, a therapeutic equivalent generic version of Adcirca (tadalafil) Tablets in the US market, approved by the USFDA.

Tadalafil is used to treat high blood pressure in the lungs (pulmonary hypertension). It works by relaxing and widening the blood vessels in the lungs that allow the blood to flow more easily.

Dr. Reddy's share price is presently trading up by 0.3%.

To know more about the company, you can read Dr Reddy's latest Result Analysis on our website.

Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.

We believe that pharma companies that invest in creating a pipeline of complex generics or building competencies in alternative dosage forms are better equipped to tackle the changing dynamics in the US generics market as well as in the overall industry.

Moving on to the news from the aviation space, shares of aviation companies are witnessing selling pressure today on the back of higher crude oil prices.

Jet Airways share price, SpiceJet share price, and Indigo share price fell around 2%-4%.

Oil prices rose amid OPEC-led supply cuts and US sanctions against Iran and Venezuela.

Reportedly, markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of US sanctions on Venezuela and Iran.

Yesterday, SpiceJet reported a net profit of Rs 551 million for the quarter ending 31 December 2018, defying the current market conditions, where other airlines are losing money.

The airline said that passenger yields increased by 8% that partially helped offset record high cost due to an increase of 34% in crude oil prices and 11% depreciation of the Indian Rupee against the US dollar.

However, the airline's profit during the quarter fell by 77% over the same period last fiscal, when the airline had registered profits of Rs 2,400 million.

During the quarter, total income stood at Rs 25.3 billion as against Rs 21 billion in the same quarter last year. For the same comparative period, expenses were Rs 24.8 billion as against Rs 18.6 billion.

Note that, domestic airlines have been struggling to make 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%.

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.

However, crude oil prices surged more than 18% last month, its best January performance on record.

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?

Here's what Girish Shetty wrote about it on one of the recent editions of The 5 Minute WrapUp...

• In the short-term: Yes.
  
  But in the long run, as we can see, Sensex returns have been independent of crude oil prices or even positively co-related!
  
  Crude oil prices doubled from US$ 41 in December 2008 to US$84 in April 2010. In the same time, Sensex also doubled from 8,800 levels to 17,600 levels.
  
  So, please don't fret unnecessarily about crude oil.
  
  Check if your business has a moat that helps it pass on input price increases to its customers. In the long run, they will survive and also gain market share from those that can't pass on prices. Short term pessimism due to rising crude oil prices provides a buying opportunity in these stocks.

As per him, focusing on quality stocks rather than crude oil will matter more in the long run.