Australian shares rallied, pushing through the key 5800 mark on the ASX200.

A short time ago, the index was at 5,816.00, up 69.30 points or 1.21%.

The rise defied a weak Wall Street where blue chip shares fell overnight, leaving the S&P500 down 0.1%.

On the local market, the major banks led the way with the Commonwealth 2.1% higher at $85.18 and the NAB 2% to $32.88.

BHP added 1.5% to $23.92 and Rio Tinto 2.4% to $59.88.

“This is the most bullish sentiment we’ve seen this year so far,” says Gary Huxtable at Atlantic Pacific Securities.

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