Mumbai, Sept. 3 -- Equity benchmarks ended with strong gains on Wednesday as upbeat services PMI data lifted sentiment, even as investors kept a close watch on the Goods and Services Tax (GST) Council meeting that could unveil rate cuts across categories. The Nifty settled above the 24,700 mark, led by metal, pharma and PSU bank shares.

Indices oscillated in early trade before firming up on hopes of a consumption-led boost from possible GST slab rationalisation. Analysts, however, warned that high expectations could lead to disappointment and spark near-term consolidation.

The S&P BSE Sensex added 409.83 points or 0.51% to 80,567.71. The Nifty 50 index advanced 135.45 points or 0.55% to 24,715.05.

Tata Steel (up 5.90%), JSW Steel (up 2...