Indian shares flat as financials offset energy gains
** India's benchmark indexes are trading flat, as a rise in energy stocks on windfall tax cut on crude was offset by profit booking in financials
** "We may continue to see some more time-correction for benchmarks as some market participants who missed booking profits earlier are keen to take some profit off the table," says Abhishek Goenka, founder and chief executive of IFA Global
** Energy .NIFTYENR, Oil & Gas .NIFOILGAS up about 1.5% each
** Oil companies like ONGC ONGC.NS, Oil India OILI.NS, BPCL BPCL.NS, HPCL HPCL.NS up about 2%-3% after government cut windfall tax on petroleum crude, effective from Aug. 17
** Highest weighted financials .NIFTYFIN, private banks .NIFPVTBNK and banks .NSEBANK down between 0.2% and 0.4%
** Net interest margins of banks have stabilised at low levels in June quarter, while credit costs have risen with commentary alluding to early signs of stress, say analysts at Nuvama, adding investors are cautious due to slowing profits
** Among individual stocks, Paytm PAYT.NS gains 4.6% after brokerage Bernstein says regulatory overhang is easing for the company
Reporting by Bharath Rajeswaran in Bengaluru
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