Profit-taking possible after formidable runup

After notching record-high levels in previous sessions, we could see profit-taking in the Indian markets on Thursday, as market participants may take money off the table in the light of weak global cues. The SGX Nifty is signaling a flat start with a negative bias and trades at 12,333 mark, down by 22 points.
 
The majority of the Asian markets were trading in red on Thursday, following subdued cues overnight from Wall Street. Japan’s Nikkei 225 was down by 0.29 per cent and market participants remained watchful ahead of Bank of Japan’s monetary policy, which is due today. Hong Kong’s Hang Seng has lost 0.29 per cent while China’s Shanghai Composite was trading flat.
 
Back home, Wednesday turned out to be a wonderful session for the markets, as key benchmark indices soar to fresh lifetime highs. The BSE Sensex surged 0.50 per cent to settle at 41,559 and the Nifty rose 0.47 per cent to close at 12,222. The broader markets closed mixed, with Nifty Midcap losing 0.27 per cent while Nifty Smallcap closing flat. Talking about the sectoral performance, Nifty PSU Bank and Nifty Media ended the session in red while Nifty Pharma and Nifty Realty ended as top gainers.
 
In overnight developments, the US stocks took a breather on Wednesday and ended the day on a mixed note. There were no major economic announcements on Wednesday and the lack of information possibly left traders searching for direction. In the end, the tech-heavy NASDAQ added 4 points while the Dow and the S&P 500 lost 28 points and 1 point, respectively. The situation in the European was no different, as markets in the region ended on a mixed note amidst prospects for a hard Brexit or one without a deal. Meanwhile, economic data was also mixed from the euro area.