The Australian share market hit a record high with the S&P/ASX200 index closing at 7896.9, spurred by the healthcare and mining sectors.

Positive economic indicators included better-than-expected domestic inflation data and modest growth in February's retail sales.

Strong performances in resources stocks were linked to a rebound in commodity prices, particularly gold, iron ore, and lithium.

Top market performers included Mesoblast Ltd, Resolute Mining Ltd, and Omni Bridgeway Ltd, while companies such as Zip Co Ltd and Fisher & Paykel Healthcare Ltd experienced declines.

The Australian dollar weakened against the US dollar, dropping to US65.29c.

The market is anticipated to conclude the quarter with a 3.8% gain and the month of March with a 2.4% increase.

Despite a general uptrend, risks of a market correction have been flagged by AMP chief economist Shane Oliver.