lua, 110 bytes

Result

TLE

Code [DL]

a=0
i=1
c={}while a<117 do
s=io.read(1)i=i%51+1
c[i]=c[i]or 0 |s:byte(1)a=c[i]|a&1
io.write(string.char(a))end

stdin

                                                T 
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
      K                                           

stdout

stderr

strace