Markets opening bell: Sensex at 58,762; Nifty drops below 17,520

Shares were mostly flat on Monday, beginning the week on a cautious note, as investors awaited a host of central bank meetings this week to gauge the impact of rate hikes on global economy.

Investors braced for a week littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe and some risk of a super-sized hike in the United States.

The NSE Nifty 50 index was unchanged at 17,513, as of 0349 GMT and the S&P BSE Sensex was down 0.1% at 58,779.24. Both the indexes lost over 1.5% last week.

Meanwhile, shares of Oil & Natural Gas Corp rose 1.4% after India on Friday slashed taxes on domestic crude oil.