MUMBAI: Indian shares ended lower on Monday, their third consecutive session of losses, as markets took a breather in anticipation of cues from the March-quarter corporate earnings season that begins later this week.

The benchmark BSE index closed down 0.44 percent at 29,575.74, its lowest since March 29.

The broader NSE index ended 0.18 percent lower at 9,181.45, with Infosys Ltd dragging the index down by about 16 points.

Indian shares have gained in double-digits so far this year, sending the broader NSE index to a record high of 9,273.90 last week, on the back of strong foreign investments and hopes for additional economic reforms.

Analysts said the January-March earnings would likely be key to determine whether those gains can be sustained.

Infosys Ltd, the country’s second largest software services company, will start the earnings season on Thursday.

“Markets are taking a breather, possibly, we will take some directional call from then onwards,” said Gaurang Shah, Vice President, Geojit Financial Services.

Indian Oil Corp Ltd rose as much as 3.3 percent to a record high. It gained 3 percent on Friday after a report that state-run oil marketing companies were mulling a plan that would allow daily changes in the price of automotive fuels.

Bhushan Steel Ltd surged as much as 8.3 percent to its highest since Aug 10, 2015 after Business Standard reported that the company last month submitted its final proposal for debt restructuring under the central bank’s S4A scheme.

However, Reliance Communications Ltd fell as much as 4.1 percent.—Reuters