BENGALURU, Aug 19 Reuters Energy stocks lifted Indian shares higher on Monday after a cut in windfall tax on crude, while other Asian markets gained as U.S. data helped soothe fears of a recession in the world39;s largest economy.

The NSE Nifty 50 index was up 0.23 at 24,599.4 as of 950 a.m. IST, and the SP BSE Sensex rose 0.14 to 80,540.75.

The MSCI Asia exJapan rose nearly 1.1 as easing inflation and readings of robust U.S. retail spending boosted sentiment.

Twelve of the 13 major sectors logged gains. Energy and oil gas rose about 1.5 and 2, respectively, led by a 3 gain in Oil Natural Gas Corp.

Other oil upstream companies such as Oil India and Mangalore Refinery also added about 2.5 each, after government cut the windfall tax on crude to 2,100 Indian rupees 25 per tonne from 4,600 rupees with effect from Aug. 17.

Oiltotelecom conglomerate Reliance Industries added 1.2.

NTPC gained 2 after brokerage CLSA termed it the best play on energy transition in India, reiterating its outperform rating.

ONGC and NTPC were among the top five Nifty 50 gainers by percentage.

While the earnings season has been weak, the earnings forecasts for Nifty 50 companies and wider universe remain stable, said analysts, led by Seshadri Sen of Emkay Global.

We think the market is fairly valued and a significant nearterm upside would come only if the earnings momentum returns, they added, but also flagged an increase in the frequency of profitbooking.

The broader smallcaps and…