Mumbai (Maharashtra) [India], August 18 (ANI): The Indian stock market's benchmark Sensex closed 38 points higher in a volatile session on Thursday as the US Federal Reserve signalled a slowdown in the pace of future rate hikes.

The 30 stock SP BSE Sensex closed 37.87 points or 0.06 per cent higher at 60,298.00 points against its previous day's close at 60,260.13 points.

The Sensex started the day sharply lower at 60,080.19 points and hit a low of 59,946.44 points in the intra-day. The markets witnessed good buying support in the last hour of the trade. The Sensex rose to a high of 60,341.41 points in the intra-day.

The broader Nifty 50 of the National Stock Exchange closed 12.25 points or 0.07 per cent higher at 17,956.50 points against its previous day's close at 17,944.25 points.

The Nifty started the day in the red at 17,898.65 points and slumped to a low of 17,852.05 points in the intra-day. The index witnessed good buying support in the last hour of the trade touching a high of 17,968.45 points.

Bharti Airtel surged 1.59 per cent to Rs 733.25 after it received the allocation of 5G spectrum.

Bharti Enterprises Chairman Sunil Bharti Mittal praised the government for a quick 5G spectrum allocation. "No fuss, no follow up, no running around the corridors and no tall claims. This is ease of doing business at work in its full glory. In my over 30 years of first-hand experience with the DoT (Department of Telecommunications), this is a first! Business as it should be," Mittal said in a statement.

Kotak Bank surged 3.45 per cent to Rs 1904. LT rose 2.09 per cent to Rs 1894.20. UltraTech Cement, IndusInd Bank, Power Grid Corporation, State Bank of India and ITC were among the major Sensex gainers.

Dr Reddy's Laboratories slumped 2.18 per cent to Rs 4225.55.

IT stocks witnessed heavy selling pressure. Wipro slipped 1.83 per cent to Rs 435. Infosys fell 1.50 per cent to Rs 1582.70. Tata Consultancy Services dipped 0.57 per cent to Rs 3381.25. HCL Technologies closed 0.65 per cent down at Rs 973.85.

MahindraMahindra, Axis Bank, Nestle India, Titan and Sun Pharma were among the major Sensex losers. Half of the 30 scrips that are part of the benchmark Sensex closed in the red. (ANI)