New Delhi, Aug. 19 -- India's benchmark BSE Sensex index gained 0.84% on Monday. Investors had ample reason to be cheerful, given Prime Minister Narendra Modi's 15 August announcement of a GST reform package that is likely to see the rate structure simplified even as distortions are addressed.

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Monday's share price gains were a refreshing break from the weakness seen in the first half of August, when foreign funds seemed bent on pulling out. The indices of auto and consumer durables companies stood out, gaining 4.3% and 3.1%, respectively. This can be attributed to expectations of a demand boost once the rates of India's principal indirect tax go down.

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