Share markets in India are presently trading on a negative note. Barring FMCG stocks and realty stocks, all sectoral indices are trading in the red with stocks in the oil & gas sector, metal sector and energy sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 241 points (down 0.7%), while the NSE Nifty is trading down by 86 points (down 0.8%). The BSE Mid Cap index is trading down by 0.5% and the BSE Small Cap index is trading on a flat note.

The rupee is currently trading at 70.34 against the US$.

Rupee fell for the second successive session after global crude oil prices rallied after plunging in the past few sessions.

In the news from the pharma space, Alembic Pharma share price is in focus today as the company has received approval from the USFDA (United States Food & Drug Administration) for Pramipexole Dihydrochloride extended-release tablets, 0.375 mg, 0.75 mg, 1.5 mg, 2.25 mg, 3 mg, 3.75 mg, and 4.5 mg.

The company has a cumulative total of 82 ANDA approvals (69 final approvals and 13 tentative approvals) from USFDA.

To know more about the company, you can access to Alembic Pharma's Q2FY19 result analysis and Alembic Pharma's Stock Analysis on our website.

In the news from the airline's sector, Jet Airways share price is in focus today after rating agency ICRA downgraded the airline's loan and debenture ratings.

On Tuesday, the airline delayed on debt payments to banks led by SBI. According to reports, ICRA has 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 debt-laden airline has delayed the payment 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.

Last month, Jet was in talks with the SBI for raising Rs 15 billion short-term loans to meet its working capital requirement and some payment obligations.

Reportedly, Jet Airways' strategic partner and Middle-east carrier Etihad, which holds a 24% stake in the Indian full-service carrier, is likely to provide a guarantee for the loan.

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 profit because of a rise in operating costs.

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.

Moving on to the news from the banking space, Bank of Baroda share price is witnessing buying interest today as the Union Cabinet yesterday approved the merger of the bank with Vijaya bank and Dena bank which will create India's second-largest public-sector lender.

It also cleared amendments to the Trade Union Act which seek to allow the central government to recognize trade unions.

The boards of the banks met to approve the swap ratios on Wednesday. For every 1,000 equity shares of Vijaya Bank and Dena Bank, respectively, investors will get 402 and 110 equity shares of Bank of Baroda.

Dena Bank and Vijaya bank fell sharply by up to 20% on back of the above news.

Speaking of banking sector, credit growth for banks is back to its 5-year high. Have a look at the chart below:

Credit Growth Back to 5 Year High

The credit growth that banks in India posted in December quarter of 2018, at 15.1% YoY, is not just very healthy. It's nearly 2 times GDP growth. But it also backs to the five-year high.

Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

It would be interesting to see how this trend follows in 2019. Meanwhile, we will keep you updated on all the developments from this space.