Nov 3 (Reuters) - Australian shares rose 1% on Wednesday, taking their cue from a strong overnight session on Wall Street, while domestic miners and banks rebounded from losses recorded a day earlier to top gains in the benchmark index.

The S&P/ASX 200 index was up 1% at 7,395.8, as of 0002 GMT. The benchmark closed 0.6% lower on Tuesday.

Elsewhere, S&P 500 E-minis futures fell 0.1%.

Major indexes on Wall Street surged to record highs overnight as a strong earnings season continued to lift sentiment for equities, while investors were looking ahead to the outcome of a critical Federal Reserve meeting.

Miners, which had logged losses in four of five sessions, gained as much as 1.6% to post their biggest intraday jump since Oct. 25.

Fortescue Metals Group rose up to 3.2% and was on track to deliver its best session in more than three weeks, while peers Rio Tinto and BHP Group advanced 0.3% and 0.9%, respectively.

Heavyweight financials gained more than 1%, with the "Big Four" banks rising between 0.7% and 1.2%.

Financial services provider AMP Ltd said it had agreed to sell its remaining 19% stake in Resolution Life's Australia business to the British company, marking the wealth manager's exit from life insurance.

Shares of AMP climbed more than 7% to notch their biggest one-day jump since late-May.

Australia's central bank took a major step on Tuesday towards unwinding extraordinary pandemic stimulus policies by abandoning an ultra-low target for bond yields and opening the door for an earlier hike in cash rates.

New Zealand's benchmark S&P/NZX 50 index was up 0.4% at 13,047.51. Napier Port Holdings and Tourism Holdings Ltd were among the top gainers on the bourse.

The central bank said the country's financial system remains resilient despite the challenges of COVID-19, but warned growing global inflationary risks could force a sudden tightening in conditions.

(Reporting by Harish Sridharan in Bengaluru; Editing by Sherry Jacob-Phillips)