Australian shares rallied 1.5 percent on Wednesday with gains across the board as bargain hunters picked up banks and resources stocks. The S&P/ASX 200 index added 77.05 points to 5,380.2 at the close of trade, having recovered from a seven-month trough touched on Tuesday. New Zealand's benchmark NZX 50 index rose 0.7 percent or 39.26 points to finish the session at 5,750.03.