Mumbai, Aug. 18 -- Domestic equity benchmarks surged on Monday, marking their third consecutive day of gains, as optimism over potential GST reforms and easing concerns on Russian oil supplies lifted investor sentiment.

The Nifty closed above the 24,850 mark, supported by strong buying in autos, banks and consumer durables. Prime Minister Narendra Modi, in his Independence Day address, announced that the government is planning to roll out "generational" GST reforms before Diwali, a move seen as a major sentiment booster for the market.

Adding to the cheer, the recent U.S.-Russia meeting concluded without fresh tensions, helping calm fears over disruptions in global oil supplies.

Sectorally, automobiles led the rally as investors bet on...