Shares of Life Insurance Corporation of India are trading with gains of 4 percent in mid-week trading, extending its winning run for the fourth day in a row. LIC is currently India's largest IPO till date.

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The stock is now trading at the highest level since January this year. The last instance of the stock gaining four days in a row was back in June this year, when it gained for six straight sessions.

Today's gains are also on volumes that are nearly triple its 20-day average. Close to 13.5 lakh shares have already been traded as of 10:15 AM, compared to 20 lakh shares which got traded on Tuesday and 26.4 lakh shares on Monday.

In insurance sector-related news, reports indicated that India's Insurance regulator has set a new deadline of July 2024 for the launch of Bima Sugam and has also formed a panel of insurers for its execution.

On a monthly basis, LIC shares are up for the sixth month in a row. Interestingly, the stock has never gained 10 percent in a single month since its listing.

Out of the 19 analysts that track LIC, 15 have a buy recommendation on the stock, three say hold, while one has a sell rating. Citi has the highest price target for LIC at Rs 1,045, followed by Kotak Securities with Rs 1,000. Most other targets are well below its IPO price of Rs 949.

Shares of LIC are trading 4.5 percent higher at Rs 689.30. The stock is still 28 percent below its IPO price.