New Delhi, Aug. 18 -- Indian equities closed Monday's session with strong gains, largely driven by autos, consumer durables, and real estate, after Prime Minister Narendra Modi announced plans to lower taxes on major categories-a move aimed at cushioning the impact of potential US tariffs and boosting consumption.

The Nifty 50 rose sharply by 1% to end at the 24,874 mark, while the S&P BSE Sensex gained 0.84%, also closing at 81,273. The broader markets outperformed, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each rallying over 1%.

Investor sentiment, which had been cautious amid higher US tariffs and muted June-quarter earnings, appeared to turn positive after Modi's announcement on cutting consumption taxes on everyday g...