* Aussie benchmark hits highest since Mar. 6
* Mining stocks jump nearly 3%, lead gains
* New Zealand benchmark hits record high
By Shruti Sonal
Nov 9 (Reuters) - Australian shares climbed more than 1% on Monday reaching their highest level since March, as Joe Biden's victory in the U.S. presidential race buoyed risk sentiment and weakness in the U.S. dollar lifted miners.
Biden's victory in the battleground state of Pennsylvania put him over the threshold of 270 Electoral College votes he needed to clinch the U.S. presidency on Saturday. S&P/ASX 200 index .AXJO rose 1.6% to 6291.8 points in early trade on Monday as investors welcomed Biden's win.
"Trading this morning has a risk-on flavour, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate", said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking.
"The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda", added McCarthy.
Mining stocks .AXMM led gains, climbing nearly 3% in best intraday session in five months, as a weaker U.S. dollar bode well for commodity prices.
Lithium miners Pilbara Minerals PLS.AX and Galaxy Resources GXY.AX were among the top percentage gainers on the sub-index.
A Biden victory would likely lead to an increase in domestic production of lithium, copper and other metals used to make electric vehicles, solar panels and other products crucial to his climate plan. shares of global mining giants Rio Tinto (LON:RIO) RIO.AX and BHP Group BHP.AX gained about 3% each.
Among individual stocks, online real estate advertising firm REA Group REA.AX led gains on the benchmark, after Jefferies raised price target on the company following upbeat first-quarter results reported last week. gold producer Newcrest Mining NCM.AX hit more than a two-week high as the yellow metal stocks .AXGD inched up more than 2%.
Tech stocks too gained, with buy-now-pay-later heavyweight Afterpay Ltd APT.AX rising nearly 4%.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 1.7%, hitting a record high and eyeing its fifth consecutive session of gains.
The top percentage gainers on the index were Synlait Milk Ltd SML.NZ , followed by Air New Zealand Ltd AIR.NZ and Chorus Ltd CNU.NZ .