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MUMBAI : Indian investors continued to pile on US stocks despite income loss amid the covid-19 crisis. Over the past one year, shares of American electric vehicle (EV) companies, blockchain and lesser-known technology companies were preferred over the FAANG stocks, shows a report by fintech platform Winvesta.

While Tesla, Nio and Riot Blockchain were the top three most sought after US stocks for Indian investors, the FAANG stocks, including Facebook, Amazon, Apple, Netflix and Alphabet (formerly Google), made up only 17% of the total stock investments on the Winvesta platform.

“This ratio has been trending downwards since the beginning of last year as other high-growth stocks like Tesla, Nio and Riot took the lead from the tech giants. Apple, Amazon and Microsoft continued to be among the top 10 most popular stocks on the platform," it added.

The Winvesta Investor Pulse Report highlighted the trends among Indian investors, aged 18-70 years and from tier 1 and 2 cities, between 27 March 2020 and 19 March 2021. The UK-headquartered fintech platform allows investments in over 3,500 US stocks and exchange traded funds, or ETFs. Winvesta said passive investments are gaining interest among Indians, with about 25% taking to ETF investment on the platform.

Swastik Nigam, founder and chief executive officer, Winvesta, said: “In a way, the pandemic was an eye-opener for many because when Indian markets were not performing well, investors realized the value of investing in overseas markets. Today, an average account size of an investor on Winvesta’s platform is about $5,000, with an average transaction of about $800."

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