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March 27 (Reuters) - Australian shares closed higher on Wednesday on the back of healthcare and bank stocks, while investors assessed a key domestic inflation data that further strengthened the case of a sooner-than-expected interest rate cut in the country.

The S&P/ASX 200 index .AXJO closed 0.5% higher at 7,819.60 points. The benchmark ended 0.4% lower on Tuesday.

Australian consumer price inflation held at a two-year low in February, contrary to expectations for a slight uptick, according to data from the Australian Bureau of Statistics.

The monthly consumer price index rose at an annual pace of 3.4% in February, unchanged from January and under forecasts of 3.5%.

"While steady move down in inflation is encouraging, the path will be bumpy ... the first rate cut may not be undertaken until early in 2025 against the current market pricing," Kerry Craig, aglobal marketstrategist at J.P. Morgan, said.

Heavyweight financials .AXFJ jumped 0.6%. Big banks such as the Commonwealth Bank of Australia CBA.AX and National Australia Bank NAB.AX rose 1.1% and 0.6%, respectively.

The health sector .AXHJ bounced back from losses in the previous session to add 1.3%.

Australia's priciest stock and biotech giant CSL CSL.AX rose 1.4% after pricing $1.25 bln in corporate bonds.

Gold stocks .AXGD rose 1.2% with Northern Star Resources NST.AX and Evolution Mining EVN.AX climbing 2.2% and 0.6%, respectively.

Miners .AXMM gained 0.3% after falling as much as 0.9% earlier in the day, tracking a drop in underlying commodities prices that were pressured by persistent China demand concerns and a strong dollar. IRONORE/MET/L

Gold miner Emerald Resources EMR.AX was the top gainer on the benchmark, rising 5.4%, while Wildcat Resources WC8.AX rose 11.1% and was the biggest gainer on the mining sub-index.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2% to 12,010.66 points at the close of trade.

Polymer products maker Skellerup SKL.NZ was the top loser on the benchmark, down 4.3%.

(Reporting by Megha Rani in Bengaluru; Editing by Shounak Dasgupta)

((Megha.Rani2@thomsonreuters.com))

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