For the GameStop Corp India’s day, traders are strapping. ride that’s taken equity markets by storm. Over the past week on Stockal among the five most-traded names the videogame retailers were one of them. Stockal is a platform for investors of Indian retail to trade U.S. equities. On the platform, GameStop accounted for about 15% of all trades. Sitashwa Srivastava is the co-founder and co-chief executive officer pointed out in an interview that reading about GameStop they were not expecting Indians would be on Reddit. Unlike many of their options-heavy WallStreetBets counterparts like Indian traders while trading foreign stocks are not allowed to take on leverage. Right-now all trading is in cash.
This year GameStop has gone into trading screens with the stock up more than 1700%. This has taken professionals by surprise and squeezed shorts at major hedge funds fueled by trader talk on forums and Elon Musk’s “Gamestonk!!” tweet. Since the pandemic came to the country this caused many Indians to stay indoors. This might have caused the flock to the stock market at home and abroad which leads to an increase in retail investing as in other markets. The favorites of Stockal in the U.S. have been Apple Inc and Tesla Inc, Covid-19 vaccine maker Moderna Inc. and Chinese electric vehicle firm Nio Inc. rising the rankings in recent months. A Mumbai-based marketing consultant, Dipe Chatterjee is one of the investors. In recent months he bought GameStop and Tesla, making about 150% return from the Rs 1000 investment that he made in the game retailer before swiftly booking profits earlier this week. He commented that it is a game with real skin in it. Earlier briefly Reddit’s WallStreetBets forum turned itself off having a great number of new participants. As day traders plugged companies led by GameStop the site was filled with more than 3 million members. The trend of the marketing was in the spontaneous change. The consumers are experiencing a different kind of process of the brands and the industries. All of these could act as evidence that the brands have started to keep up to the new normal. This could be the new outcome of the industries due to the pandemic.
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