Indians join the US party in big tech stocks
US tech stock party. Investors have more than doubled their allocations to global tech leaders in the past six months.
Tesla, Amazon, Apple, Microsoft, Google, Facebook and Nvidia are among the top stocks traded on online platforms that enable Indians to invest in the US stock markets. These platforms saw trading volume rise by about 40% in the first half of 2023 from the second half of 2022, said brokers.
«Tesla, Amazon, Apple, Microsoft, Google, Facebook and Nvidia were the top stocks traded on our platform, which saw trading volumes grow by 37% in H1 2023 compared to H2 2022, while buy transactions went up by 41%,» said Viram Shah, CEO and cofounder, Vested Finance, an online investment platform that deals with US stocks. The tech-heavy Nasdaq 100 has surged 43% since January 1.
Among the seven top tech companies, Nvidia has surged 218% since January 1, while Meta and Tesla rose 158% and 136%, respectively. Apple, Microsoft, Google and Amazon have gained 40-60% this year.
While investing in the top tech stocks has been popular on the online platforms, investors have also taken the exchange-traded fund (ETF) route to diversify portfolios and gain exposure to the US markets, said brokers.Hedging Also at Play «In the April-June 2023 quarter, we did volumes about double the flow that we did in January-March 2023 and 2.5 times what we did in October-December 2022,» said Sitashwa Srivastava, cofounder and co-CEO, Stockal, an online platform for global stocks. «In general, the US dollar has been strong relative to the rupee, so more people are sending funds as a hedge, but increased flows were seen in stocks like Amazon, Tesla, Nvidia, Google and Apple.» Fund managers said about a dozen domestic mutual funds under the
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