Sensex drops over 200 pts, Nifty below 24,800 as block deals & IPO activity weigh on markets

Indian benchmark indices experienced a decline on Wednesday, influenced by fund outflows resulting from substantial block deals and increased primary market activity. ITC shares significantly dragged down the benchmarks due to British American Tobacco's plan to sell a 2.6% stake. Conversely, LIC shares surged following a robust increase in net profit and dividend declaration, while broader markets demonstrated outperformance.