Earnings optimism lifts markets, FPI buys offset concerns over oil prices

Short-covering, FPI buying help offset concerns over high crude oil prices

The benchmark indices snapped their three-day losing streak, helped by better-than-expected earnings by corporates such as UltraTech cement. 

In addition, a new record high for the S&P500 — benchmark index for US equities — helped boost investor sentiment towards risky assets. 

The Sensex climbed 1.3 per cent, or 490 points, to close at 39,055 on Wednesday, its steepest daily gain in more than six weeks. The Nifty closed at 11,726, up 150 points or 1.3 per cent — its biggest advance since January 31.

Short-covering ahead of expiry of the April series derivatives contracts on Thursday spurred buying. 

On Monday,