Mumbai, Aug. 18 -- The domestic equity benchmarks ended with major gains today, driven by easing concerns over Russian oil supplies following a U.S.-Russia meeting, as well as optimism around potential GST reforms and a recent upgrade to India's credit rating. On the occasion of Independence Day, Prime Minister Narendra Modi announced that the government is planning to implement "generational" GST reforms before Diwali - a move expected to benefit key sectors such as auto, FMCG, and consumer goods.

The Nifty settled above 24,850 mark. Auto, consumer durables and metal shares advanced while IT, media and pharma shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, rallied 676.09 points or 0.84% to 81...