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%