Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui/File Photo

BENGALURU, Aug 3 (Reuters) – Indian shares ended higher on Tuesday, with the blue-chip Nifty index surpassing the 16,000 level for the first time, as investors bet on a faster recovery in Asia’s third-largest economy following a devastating second COVID-19 wave.

The NSE Nifty 50 index (.NSEI) ended up 1.55% at 16,130.75 and the benchmark S&P BSE Sensex (.BSESN) rose 1.65% to 53,823.36.

“The (16,000) level is important. It will add to the confidence of investors, especially because in the last 2-3 weeks the trend was weak,” said Vinod Nair, head of research at Geojit Financial Services.

“Earnings is providing a lot of support to the market. The economy is able to sustain itself in the new norm. The market is betting the COVID impact next year is going to be much lower,” Nair said, adding that a slew of…

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