India’s benchmark gauge of demand for protection against equity-market swings fell for a fourth day, extending a streak of weekly declines, as stocks retreated for a fourth time in five days amid concern over quarterly earnings.

The India VIX index dropped 0.9 percent to 17.01 at 12:39 p.m. in Mumbai, taking its weekly loss to 10 percent. The gauge is poised for a third week of declines, the longest streak since December. The 50-stock Nifty index slid 0.3 percent to 8,161.60.

Earnings reports this week showed quarterly sales at Tata Consultancy Services Ltd., India’s largest software exporter, trailed estimates, while smaller competitor Infosys Ltd. cut its annual revenue guidance. Hindustan Unilever Ltd., the nation’s biggest home-products maker, on Wednesday posted sales and net income that missed forecasts. Friday’s decline in stocks pared the Nifty’s advance in October to 2.6 percent after it slumped 5 percent in the quarter ended Sept. 30.

“The market is consolidating this month after roller-coaster rides in the past two months,” Pulakit Parekh, a trader at Mumbai-based brokerage Mehta Vakil & Co., said in a phone interview.

Nifty put options with a strike price of 8,000, and 8,200 calls, had the highest number of outstanding contracts.

Overseas investors purchased $115 million of index options on Thursday, halting three days of outflows, according to data compiled by Bloomberg. They bought a net $24 million of Indian stocks on Oct. 14, taking this year’s inflows to $4 billion.

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