Drawing flak over upgrading Indian equities on hopes of an electoral victory for Narendra Modi in the Lok Sabha elections, global investment banker Goldman Sachs today said it stood by its report based on investor sentiments and that it does not have any political bias.

“Our Asia Pacific Portfolio Strategy report... contains neither political bias nor any political opinion by Goldman Sachs or its analysts. It simply notes that investor sentiment is being influenced by party politics. We stand by that assertion and by our research,” the bank said in a statement.

A recent report of the global investment banker which praised BJP’s prime Ministerial candidate Narendra Modi and suggested victory for the BJP-led NDA in the forthcoming general elections, created a political storm with Commerce and Industry Minister Anand Sharma describing it as “most inappropriate and objectionable“.

Goldman Sachs further said that as securities firm, its role included providing “objective, impartial and independent research that explains to investors the fundamental reasons driving market sentiment and direction, including relevant political factors.”

The November 5 report of the Goldman Sachs said, “BJP—led National Democratic Alliance (NDA) could prevail in the next Parliamentary elections that are due by May 2014. Equity investors tend to view the BJP as business—friendly, and the BJP’s prime ministerial candidate Narendra Modi as an agent of change.”

(This article was published on November 8, 2013)
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