<h1>Markets pare early gains as GST meeting and derivatives expiry fuel volatility, raising compliance and valuation risks</h1> Equity benchmarks reversed early gains and closed lower after late-stage profit-taking in banking and auto stocks, with volatility attributed to an impending GST Council meeting to consider rate pruning and approaching derivatives expiry. Market movements included intraday swing ranges and mixed sector performance; select utilities and consumer stocks outperformed. Significant institutional flows showed net foreign selling and domestic buying. The developments signal potential regulatory-driven price risk for listed entities if GST changes are adopted, and may prompt compliance, disclosure and valuation impacts for affected companies and funds.