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Tesla, Nio, And Riot Blockchain Trump FAANG Stocks For Indian Investors
Shares of U.S. electric vehicle and blockchain technology companies are finding favor with Indian investors while so-called FAANG stocks representing big tech companies that are more established in India are facing a downward trend, according to a report by India’s business daily Mint that cited fintech platform Winvesta. What Happened: FAANG constitutes the stocks of Facebook Inc (NASDAQ: FB), Amazon.com Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL), Netflix Inc (NASDAQ: NFLX) and Google parent Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG). Indian investors are seeking high growth stocks such as Tesla Inc (NASDAQ: TSLA), Nio Inc (NYSE: NIO) and Riot Blockchain Inc (NASDAQ: RIOT), which emerged as the top three sought after stocks after the FAANG stocks, though they made up only 17% of the total stock investments on the Winvesta platform. According to Winvesta, FAANG’s contribution has been trending downwards since the beginning of 2020 as Tesla, Nio and Riot — which is seen as a Bitcoin (BTC) play — took the lead from the tech giants. Apple, Amazon and Microsoft continue to be among the top 10 most popular stocks on the platform. The trend has been captured among Indian investors, aged 18 to 70 years, between March 27 last year to March 19 this year. The United Kingdom-headquartered fintech platform allows investments in over 3,500 US stocks and exchange-traded funds or ETFs. Why It Matters: Small investors have been drawn to companies such as Tesla, which is currently laying the groundwork for its foray in the Indian market, and a proposed cryptocurrency ban is pushing retail Indian traders to seek new favorites. The U.S. stock market has recovered faster from the pandemic lows than the Indian bourses. Price Action: Tesla shares traded 1.5% higher at $640 in the pre-market session Thursday, Nio shares were up 1.1% at $37.38, and Riot shares were marginally down at $45.70. Read Next: Why Tesla Will Find Indian Auto Market A Tough Nut To Crack See more from BenzingaClick here for options trades from BenzingaAstraZeneca Revises COVID-19 Vaccine Efficacy To 76% After ControversyFacebook, Amazon, Zoom, Pinduoduo, Tencent — What Cathie Wood’s Ark Bought And Sold Today© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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