(Updates at 9:26 a.m IST)

Nov 8 (Reuters) - Indian stocks opened lower on Friday,

as dull earnings and concerns over foreign outflows weighed

while information technology stocks bucked the trend after the

Federal Reserve's widely-anticipated interest rate cut.

The NSE Nifty 50 fell 0.42% to 24,094.5 points as of

9:26 a.m. IST, while the BSE Sensex shed 0.41% to

79,219.59.

"The weakness in Indian market is due to relentless foreign

selling that has continued into this month as well. This could

continue given the context of earnings deceleration evident in

second quarter earnings," VK Vijayakumar, chief investment

strategist at Geojit Financial Services, said.

The Nifty 50 has fallen 8.5% from a record high hit on Sept.

27.

Foreign investors have sold Indian shares in each of the

last 29 sessions, as investors redirect funds to China due to

Beijing's stimulus measures and cheaper valuations.

On the day, twelve of the 13 major sectors logged losses.

Forty-two of the Nifty 50 constituents declined.

The second heaviest Nifty 50 stock, Reliance Industries

, shed about 2%.

IT companies, which earn a significant part of

their revenue from the U.S., were the only outliers, after the

Fed lowered interest rates as expected by 25 basis points.

The Fed said the U.S. economy was "in a very good place" and

inflation was easing towards the central bank's target of 2%.

Lower rates in the U.S. make emerging markets such as India

more appealing to foreign investors, as they seek higher returns

in regions with better growth prospects.

With U.S. bonds becoming less attractive, capital tends to

flow into riskier but potentially more rewarding markets,

boosting demand for assets in countries including India.

($1 = 84.3180 Indian rupees)