Robinhoods taking hold of Indian market too, and how!
India’s caught up in the Robinhood wave with Covid-19 tempting those forced to stay home to try their hand at stock trading, especially since it’s become ever so convenient on the phone. The signature app itself isn’t available in India but trading platforms provided by Zerodha, Angel, Upstox, ICICI Direct and others have ensured that the trend has taken hold, leading to a fresh influx of phone traders.
Average daily turnover through mobile trading on the NSE in the cash market jumped to a record 24.3% of total turnover in August compared with about 10% a year ago and 2% five years ago. It’s risen on the BSE as well, to 14.7% in August from 5.10% a year ago. The top five brokers in India in terms of active clients said 80-85% of them currently trade through mobile phones.
“The need to make transactions easier increased with the lockdown and has brought about a fundamental change in the way investors trade in the country — from desktop to mobile devices,” said Ravi Kumar, CEO, Upstox. “Currently, over 85% of Upstox customers carry out daily trades on smartphones as more than 75% of our customer base of 1.2 million as of July 2020 is in the age group of 18–35.”