Indian shares ended Monday's session flat to halt a three-day winning streak, as losses in IT scrips offset gains in financial and oil & gas stocks. Globally, investors remained on the back foot amid concerns about steep hikes in COVID-era interest rates and their impact on economic growth.

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Both headline indices recovered much of their intraday losses by the end of the day. The 30-share BSE Sensex index fell as much as 391.3 points or 0.7 percent during the session to 54,090.5 and the broader NSE Nifty50 slid to as low as 16,115.5, down 105.1 points or 0.6 percent from its previous close.

Among sectors, the Nifty IT was the top loser among NSE's sectoral indices, sliding three percent after Tata Consultancy Services' financial results for the April-June quarter period disappointed the Street.

TCS shares tumbled after the IT company's quarterly margin fell short of analysts' estimates as it continued to struggle against elevated employee costs amid elevated levels of attrition.

The rupee depreciated by 19 paise to hit a record closing low of 79.44 against the US dollar.

Bharti Airtel cracked nearly five percent following reports suggested Adani Enterprises would enter the bidding process for the allocation of 5G spectrum. The Adani Enterprises stock gained over two percent.

Stocks of steelmakers from the likes of Tata Steel, JSW Steel and SAIL jumped after sources said the government is considering a proposal to discontinue a 15 percent export duty on certain steel products.

Shares of Paytm parent One97 Communications surged after the fintech firm reported a sharp increase in its loan value in the April-June period.

Marksans Pharma shares fell 4.5 percent after the company's board gave nod to a buyback of equity worth up to Rs 60 crore.

Meanwhile, equities in other Asian markets fell. The Hong Kong benchmark fell three percent on reports Beijing slapped penalties on index heavyweights Tencent and Alibaba for not complying with anti-monopoly rules on disclosure of transactions.

Also, catch all the major highlights from Monday's trading session with CNBC-TV18.com's market blog