* Shares rally after hitting 2-year low on Wednesday
* All sectors rise, financials lead gains
* 162 shares up, 28 down 10 unchanged (Adds analysis, quotes, stocks on the move)
By Swati Pandey and Cecile Lefort
SYDNEY/WELLINGTON, Sept 24 (Reuters) - Australian shares jumped 1.2 percent on Thursday, bouncing off a two-year low on broad-based gains led by banks, but analysts expect sentiment to remain bearish and the rally short-lived as concerns about global growth linger.
The S&P/ASX 200 index .AXJO rose 60.07 points to 5,058.2 by 0124 GMT, after closing at its lowest since July 2013 on Wednesday.
"It is a sign of confidence," said Julia Lee, equities analyst at Bell Direct. "We have strongly bounced back from 5,000 points which is a key psychological level. The market has been looking oversold so it's nice to be in the black."
Major banks including Commonwealth Bank CBA.AX and Westpac WBC.AX were up more than 1 percent each while property trusts - seen as defensive plays - Scentre SCG.AX and Good group GMG.AX jumped over 2.5 percent.
Senex Energy SXY.AX jumped as much as 24 percent on a gas sales deal with Santos Ltd's STO.AX GLNG venture.
Miners were mixed with Rio Tinto (LONDON:RIO) RIO.AX rising 0.5 percent while BHP Billiton (LONDON:BLT) BHP.AX traded flat. Fortescue FMG.AX fell 0.4 percent.
"From a technical perspective, the ASX200 continues to form a classic descending triangle, which is a bearish sign formed during a downtrend," said Stuart McPhee, senior technical analyst at OANDA.
"At the same time the index volatility remains high. This tends to indicate more irrational behaviour than normal and can be a trigger for some investors to step out until the market calms a little."
New Zealand's benchmark NZX 50 index .NZ50 edged up 0.6 percent, or 35.71 points, to 5,690.05, within sight of a one-month peak of 5,725.89 on Wednesday.
Much of the gains came from Fonterra's fund FCG.NZ , which provides investor exposure to the farmer-owned dairy exporter. The fund's price rose nearly 5 percent after the cooperative lifted its milk price payout forecast and reported a 183 percent rise in full-year profit.
Dairy is New Zealand's top export earner and its prices have plummeted on global oversupply of milk products.
Goodman Property GMT.NZ was another outperformer, up 1.3 percent after the company announced a debt refinancing. The shares had plumbed a four-month low on Wednesday.
Air New Zealand AIR.NZ was not so lucky, falling 0.8 percent.