Indian IT stocks gain on September Fed rate cut optimism
IT sub-index .NIFTYIT rises 2.4%, top sectoral gainer; Nifty 50 .NSEI up 0.4%
On Friday, Fed chair Jerome Powell signalled possibility of a September rate cut, saying risks to job market were rising but also noting inflation remained a threat and that a decision wasn't set in stone
Sub-index's all 10 constituents trading higher, led by Mphasis' MBFL.NS 3.5% climb
Infosys INFY.NS, and Wipro WIPR.NS up 3% each, TCS TCS.NS, Tech Mahindra TEML.NS and HCLTech HCLT.NS rise ~2% each
IT firms in India earn major chunk of revenue from U.S.
NIFTYIT gained 2% last week on rate cut hopes ahead of Powell's speech
YTD, IT stocks worst performers on Nifty 50, losing 18.2%
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