(Bloomberg) -- The worst rout in more than a decade for the US tech-focused Nasdaq 100 Stock Index has turned into a buying opportunity for Indian retail investors, who boosted holdings of Tesla (NASDAQ:TSLA), Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL).
That’s according to Vested Finance, which runs a platform that helps Indians buy and sell offshore stocks and exchange-traded funds. Total buy volumes for all US stocks in the June quarter were twice that of the sales, the company said in a report, without providing the actual transaction value for the period.
Shares of US-listed companies like Microsoft Corp (NASDAQ:MSFT), Apple, Amazon and Tesla dropped between 17%-37% last quarter as the Federal Reserve’s aggressive interest-rate tightening roiled markets globally. The Nasdaq 100 plunged more than 22%, its biggest quarterly decline since the period ended December 2008.
The massive selloff “has meant that many of the Big Tech stocks are now available at better valuations and investors are buying into the dip,” Viram Shah, chief executive officer of Vested Finance, was quoted as saying in the report.
Investors have also been investing in the tech sector through exchange-traded funds. The Invesco QQQ ETF (NASDAQ:QQQM), which tracks Nasdaq 100, is now among the top funds traded on the platform, according to the report.
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