Share markets in India are presently trading on a positive note. Barring metal sector, all sectoral indices are trading in green with stocks in the auto sector, realty sector and FMCG sector witnessing maximum buying interest.

The BSE Sensex is trading up by 421 points (up 1.2%), while the NSE Nifty is trading up by 117 points (up 1.1%). The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.7%.

The rupee is trading at 71.00 against the US$.

The rupee depreciated by 9 paise to 71.17 in early trade today amid strengthening of the American currency and caution ahead of interim budget.

Market participants are tracking SBI share price, Titan Company share price and Dr. Reddy's 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, Federal Bank, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, DHFL, Gruh Finance.

In the latest development from the results corner, Hero MotoCorp share price is in focus today as the company has reported a 4.5% fall in its net profit in Q3FY19.

Profit declined to Rs 7.7 billion compared with Rs 8.1 billion in the corresponding period a year ago.

Revenue from operations climbed 7.5% to Rs 78.6 billion. The company sold 1.8 million two-wheelers last quarter, an increase of around 5% over 1.7 million units sold in the year-ago period.

Total expenses during the quarter rose 9.8% to Rs 69.1 billion. EBITDA stood at Rs 11.1 billion, reflecting EBITDA margins of 14% compared with 15.8% recorded in the corresponding quarter last year.

Hero MotoCorp share price is presently trading up by 6.7%.

Moving on to the news from the aviation space, Jet Airways share price is witnessing buying interest today on reports that the Naresh Goyal-controlled airline has agreed with most of the conditions set by its partner Etihad for offering a lifeline to the debt-laden domestic carrier.

Shares of the company rallied around 11% on the back of the above news.

Reportedly, the airlines are set to sign a memorandum of understanding (MoU) within days.

According to the proposed deal, founder chairman Naresh Goyal will step down from the board of directors and relinquish his decision-making powers.

His stake in the company would come down to around 22% from 51%. The final agreement will raise Etihad's stake to 40% from 24%.

The legal formalities around the deal and the way ahead will be decided at the board meeting on February 14, followed by an extraordinary general meeting scheduled for February 21.

On Tuesday, the airline was seeking shareholders' nod to convert its debt into equity, appoint bank nominees on the board and increase the authorized share capital of the company to enable the issue of fresh preference shares.

The airline proposed to raise authorized share capital to Rs 22 billion. This would comprise Rs 6.8 billion of equity capital and Rs 15.2 billion of preference share capital.

The airline has a debt of over Rs 82 billion and a consortium of banks led by State Bank of India is working on a resolution plan after it defaulted on its principal and interest payments for the December-end quarter.

Last month, Jet had said it was working on a comprehensive resolution plan, including options on the debt-equity mix, equity infusion by various stakeholders and consequent change in the composition of the board.

Jet's woes have worsened with higher oil prices and intense competition in 2018.

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 have surged more than 18% this 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.