Modi effect: Now Nomura backs BJP after Goldman, CLSA

Recently, Wall Street giant Goldman Sachs had raised its investment stance on India to 'marketweight'.

Goldman had said that the recent market rally was driven by the 'Modi effect' and had raised Nifty target to 6900 for 2014-end.

The Goldman statement attracted scathing criticism from a number of senior Union ministers who asked them to stick to what they are good and keep off from meddling in the political matters of the country.

Christopher Wood of the Hong Kong-based brokerage CLSA too has repeatedly batted for Modi in his column 'Greed and Fear'.

"There is no doubt that what could be termed a Modi momentum is building in India... It is also clear that perceptions of Narendra Modi's prospects for the general election are rising by the day," Wood had written in his column recently.