Life Insurance Corporation (LIC) witnessed a surge in share prices, reaching a new peak of ₹1,100 apiece on the National Stock Exchange (NSE) during morning deals.

The upswing is attributed to the anticipation surrounding LIC's third-quarter (Q3) results for the current financial year.

Financial experts predict positive results for LIC's Q3FY24, citing expectations of robust growth in new business premiums for the insurance giant.

Avinash Gorakshkar, Head of Research at Profitmart Securities, pointed out that the market's optimism towards LIC shares is driven by the anticipation of strong quarterly numbers.

The short-term trigger is attributed to the positive business and growth outlook expressed by Prime Minister Narendra Modi in the parliamentary session.

Executive Director at Choice Broking, expressed positivity in the chart pattern of LIC shares and suggested that existing stockholders should hold, maintaining a stop loss at ₹1,020 apiece.

He anticipates a potential short-term target of ₹1,150 per share. For new investors, Bagadia recommends a "buy on dips" strategy, with a stop loss at ₹1,020 and short-term targets of ₹1,125 and ₹1,150 per share.

LIC gears up to announce its Q3 results for the financial year, market analysts and experts remain optimistic about the insurance giant's performance.

The current surge in share prices reflects the positive sentiment in the market, fueled by expectations of robust new business premium growth.

Investors, both existing and new, are advised to closely monitor developments and consider the outlined strategies for potential gains in the short term.