MUMBAI: Indian stocks dropped on Friday, ending the week in the red, as concerns over dull corporate earnings and persistent foreign outflows outweighed gains in information technology stocks following the US Federal Reserve’s expected interest rate cut.

The NSE Nifty 50 fell 0.21% to 24,148.2, while the BSE Sensex shed 0.07% to 79,486.32.

They have dropped 0.64% and 0.3%, respectively, this week, posting their fifth weekly losses in six.

The Nifty is now down about 8% from the record high it hit on Sept. 27.

“A wave of foreign selling and underwhelming second-quarter earnings have continued to pile the pressure on markets,” said Akshay Chinchalkar, head of research at Axis Securities.

Foreign investors were net sellers in all 29 sessions from Sept. 27 to Nov. 8, withdrawing about $13 billion mainly to invest in China, drawn by Beijing’s stimulus measures and the stock market’s relatively attractive valuations.

Eleven of the 13 major sectors logged losses this week. The stand out was IT companies, which earn a significant share of their revenue from the US, as they gained 4% in their best week in over two months.

The IT sector’s gains were helped by the Fed’s quarter-point rate cut on Thursday, along with positive commentary on economic growth and inflation. It also got a boost from Donald Trump winning the US presidential election.

Analysts say Trump, who sealed a victory earlier this week, is positive for the IT sector as his proposed US corporate tax cuts could boost corporate spending, potentially benefiting IT firms. US rate cuts would have the same effect.

Among individual stocks, Trent fell about 12% for the week, most among Nifty 50 firms, with about 10% of that in the past two days after the clothing retailer posted its slowest revenue growth in 14 quarters.