Indian IT shares surged after the US Federal Reserve cut interest rates for the first time this year. Mindtree gained 3.1%, Wipro climbed up 2.1%, Infosys and Tata Consultancy Services (TCS) were up 1.9% and 0.6%, respectively, and Mphasis gained 1.5%. The Nifty IT index was top sectoral gainer. A US rate cut may benefit IT firms earning a large share of their revenue from North American market.