Aust stocks close stronger

Buying in resources buoys local market, volumes below average ahead of budget.

The Australian sharemarket closed stronger today on buying in the major miners but volumes were low as cautious investors waited for the final details of tonight's federal budget.

At the 4.15pm (AEST) official market close, the S&P/ASX200 index rose 49.8 points, or 0.91%, to 5,498.2 , while the broader All Ordinaries index gained 46.4 points, or 0.85%, to 5,475.4.

Offshore leads were also strong, and followed a couple of days of falls for the local market, Macquarie Private Wealth senior private client adviser James Rosenberg said. 

"The market is a bit cautious ahead of the budget and you're seeing that reflected in volumes," Mr Rosenberg said. 

"If you look at the strength in the market it's large resources stocks and banks leading.

"Theres not huge volumes behind it."

Investors are waiting for tonight's federal budget, handed down at 7.30pm (AEST).

Resources led today's gains after JP Morgan lifted its view of the industry from underweight to overweight.

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