Indian markets closed flat after early gains from GST reforms fizzled out. Nifty settled at 24,734, up just 19 points, as profit booking hit mid- and small-caps. Auto and FMCG stocks rose on tax cuts, led by M&M, Colgate and Britannia. Insurance stocks slipped on duty concerns, while Varun Beverages and Swiggy fell on tax hikes and fee increases.