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By Rajasik Mukherjee

April 8 (Reuters) - Australian shares logged their best day in more than two years on Tuesday, rebounding with Asian peers as buyers snapped up beaten-down mining and energy stocks after steep selloff a day earlier.

The S&P/ASX 200 index .AXJO rose 2.3% to 7510 points at the close of trade. The benchmark lost 4.2% - roughly around $69 billion in value - on Monday amid a global rout.

"It looks like the selling pressures of the past few sessions had reached a point of exhaustion, which opened the door for a bounce-back effort by the ASX today," said Tim Waterer, chief market analyst at KCM Trade.

Investors also pinned their hopes on Washington willing to negotiate some of its aggressive tariffs, a sentiment that reverberated through the market with all of the sectors trading in green.

"(The ) prospect of perhaps seeing movement lower on headline tariffs saw panic selling from the previous days give way to bargain hunting," Waterer said.

Miners .AXMM rose 2.7% with sector giants BHP Group BHP.AX and Rio Tinto RIO.AX advancing 1.9% and 1.1%, respectively.

Ben Richards, an investment analyst at Seneca Financial, said, traders "rotated out of defensives such as Woolworths" and headed back to "economically sensitive sectors like" resources.

Financials .AXFJ gained 2% with the "Big Four" banks rising between 1% and 2.2% while energy stocks .AXEJ rose 4.1%.

IT stocks .AXIJ gained 4.6% while consumer staples .AXSJ rose 1.3%.

New Zealand's benchmark S&P/NZX 50 index .NZ50 ended 1% higher, a day ahead of its cash rate decision. The Reserve Bank of New Zealand is expected to cut its cash rate by 25 basis points with more cuts expected for 2025, a Reuters poll showed.

(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)

((Rajasik.Mukherjee@thomsonreuters.com))

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