Updates for market close

By Bharath Rajeswaran and Vivek Kumar M

Sept 3 (Reuters) - India's equity benchmarks rose on Wednesday, led by metals on hopes of improved profitability on China's plan to reduce its steel output, while expectations of GST cuts helped sentiment.

The NSE Nifty 50 .NSEI rose 0.55% to 24,715.05 and the BSE Sensex .BSESN added 0.51% to 80,567.71.

Fifteen of the 16 major sectors advanced on the day. The metal index .NIFTYMET rose 3.1%, topping the sectoral gains.

"We expect steel prices to pick up in line with global trajectory and strong seasonality as the worst looks behind for the metal sector," said analysts at CLSA, citing gains for Indian metal companies from China's "anti-involution" plan to reduce its steel capacity.

The IT index .NIFTYIT lost 0.7%, and was the sole loser, after data showed contraction in U.S. manufacturing for a sixth straight month in August, signaling weakness in the world's largest economy. IT companies earn a significant share of their revenue from the U.S.

Auto .NIFTYAUTO and consumer shares .NIFTYCONS rose 0.7% each, helped by expectations of consumption-boosting tax cuts at the GST council's two-day meeting that began on Wednesday.

"While U.S tariffs have triggered export vulnerabilities, GST reforms could create a powerful counterbalance and increase economic activity over the medium term, making the market attractive for investors willing to weather volatility," said Anil Rego, founder and fund manager at Right Horizons PMS.

The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 gained about 0.9% and 0.7%, respectively.

Among individual stocks, Lupin LUPN.NS gained 3.3% after securing the U.S. drug regulator's nod for injectable drug Risperidone used to treat schizophrenia and bipolar disorder.

Yes Bank YESB.NS climbed 4.1% after getting competition watchdog's approval for Sumitomo Mitsui Banking Corporation's stake purchase in the private lender.

Manganese ore producer MOIL MOIL.NS jumped 3.9% after reporting 17% year-on-year growth in production in August.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy, Sonia Cheema and Ronojoy Mazumdar)

((VivekKumar.M@thomsonreuters.com;))