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By Bharath Rajeswaran

Nov 8 (Reuters) - 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 U.S. 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 U.S., 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 U.S. presidential election.

Analysts say Trump, who sealed a victory earlier this week,

is positive for the IT sector as his proposed U.S. corporate tax

cuts could boost corporate spending, potentially benefiting IT

firms. U.S. 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.

Apollo Hospitals rose 5.5% this week, the most on

the Nifty, after its second-quarter profit beat post market

hours on Wednesday reversed stocks losses earlier in the week.