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Bangalore, Hyderabad, Chennai and Pune may be home to India's nouveau riche and tech-savvy population but when it comes to investing in equity, the usual suspects Ahmedabad, Baroda, Rajkot and Jaipur, beat them hands down.
The equity-savvy cities have a BSE market share between seven and eight times the tech-savvy cities on the BSE.
The top three metros of Mumbai, Delhi and Kolkata account for 50-60 per cent of BSE's turnover in the cash segment of equity while they have 75-80 per cent share of NSE's cash volumes.
“Speculation is in their blood and they have a higher appetite for taking risk,” said a sub-broker of an Indian brokerage about investors from Gujarat and Rajasthan. “They are also very active investors in IPOs accounting for more than 50 per cent.”
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