Mumbai, Sept. 4 -- The frontline equity benchmarks ended with modest gains on Thursday after the government unveiled sweeping tax cuts under a major Goods and Services Tax (GST) overhaul. The move, designed to boost consumer spending ahead of the festive season and cushion the impact of high U.S. tariffs, lifted investor sentiment.

The Nifty closed above the 24,700 mark, with auto and FMCG shares leading the advance, while PSU banks and energy stocks lagged. Market watchers noted that enthusiasm over the GST reforms overshadowed the impact of the weekly expiry of the Sensex derivatives contracts.

In contrast, small- and mid-cap stocks came under pressure, snapping their recent rally as traders booked profits amid expiry-driven volatilit...