SYDNEY, AAP – Shares have risen to their highest level since mid-January on the ASX and extended their winning streak to a sixth consecutive day.

A tech-led rally in the US helped sentiment and the Australian market closed higher by 0.7 per cent, a few hours before the federal budget is due.

ASX technology shares were best and rose three per cent.

The benchmark S&P/ASX200 index closed up 51.9 points, or 0.7 per cent, to 7464.3 on Tuesday.

The index is less than 200 points from its record of August.

The All Ordinaries index closed higher by 57.7 points, or 0.75 per cent, to 7747.

The Australian dollar was buying 74.83 US cents at 1620 AEDT, lower from 75.27 US cents at Monday’s close.