Indian markets set for gap-down open after global tech selloff
Indian stock markets are expected to open with a gap-down on Friday, as GIFT Nifty futures traded 173.5 points lower at 24,426, signaling a weak start for Dalal Street. The negative cue follows a global tech selloff, with the Nasdaq Composite falling 5.46% on Thursday, its biggest one-day drop in 19 months, wiping out around $3 trillion from the S&P 500. Asian markets also slumped, with Japan's Topix falling 5.6% amid concerns over tighter AI regulation. This comes after Nifty reclaimed the 24,000 mark on Thursday, closing at 24,536, up 2.4%, supported by falling crude prices and foreign institutional buying of Rs 14,975 crore. Analysts advise a buy-on-dips strategy, with support at 24,200 and resistance at 24,800.