New Delhi,   Indian equity indices started the new week in the red as investors eye Q4 earnings of Indian companies to be released in near future.

"The market is wary ahead of the ECB meeting, the release of US inflation data, and the start of the domestic Q4 result season," said Vinod Nair, Head of Research at Geojit Financial Services.

Sensex settled at 58,964.57 points, down 482.61 points or 0.81 per cent, whereas Nifty rested at 17,674.95 points, down 109.40 points or 0.62 per cent.

Among the sectoral indices, Nifty was the top loser, declining 1.41 per cent on Monday.

Nair said India's IT sector stocks dragged due to an expectation of weak quarter-on-quarter earnings.