Normally, high tax companies take the biggest benefit when the tax rate is reduced. In the Indian context, the auto companies like Maruti, Eicher and Hero Moto are among the highest tax payers in terms of incidence of tax. Hence these stocks benefited the most. Consumer goods have very little by way of exemptions and rebates available and hence any tax cut would directly go to their bottom line and also enhances valuations. That explains why the auto index was up by nearly 10% on Friday.