Mumbai: Authorities in Mumbai have busted a gas cylinder black-marketing racket in Worli and seized several LPG cylinders during an operation, Mumbai Police said. The action comes at a time when concerns over cooking gas availability have triggered panic bookings in parts of the country.

During the raid, officials recovered six filled and 58 empty HP Gas cylinders along with several other cylinders from the location. Police said the stock was being illegally stored inside residential premises. The seized cylinders have been handed over to Worli Police Station, where further legal action is being initiated against those involved in the illegal storage and distribution.

Officials stated that storing and selling LPG cylinders outside authorised channels poses serious safety risks, especially in residential areas where such stockpiling can lead to fire hazards and other emergencies. Authorities are now investigating the source of the cylinders and the possible distribution network linked to the racket.

The development comes amid heightened demand for LPG across the country, the Union government on Friday said it is ensuring uninterrupted supply of cooking gas to households despite a surge in panic bookings. Consumers have been advised not to rush to dealerships or place unnecessary refill orders.

At a media briefing on Friday, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said fears of a shortage have led to a sudden spike in LPG cylinder bookings in recent days, even though supplies remain adequate across the country. She emphasised that LPG distributors currently have sufficient stocks and that supply chains are functioning normally.

The government has also advised nearly 60 lakh households located near piped natural gas (PNG) networks to consider switching to piped connections for convenience. Sharma warned that strict action will be taken against hoarders and black marketers attempting to exploit the crisis triggered by the ongoing conflict in West Asia.

While LPG supply to households, hospitals, and educational institutions continues to be prioritised, supplies to commercial establishments such as hotels and restaurants have been curtailed due to disruptions in energy sourcing linked to the geopolitical tensions in the region.

To stabilise supply, the Centre has increased domestic production by 30 per cent since March 5 by diverting refinery streams to maximise cooking gas output. Additionally, around 20 per cent of commercial LPG supplies have been placed with state governments and Union Territories, allowing local administrations to decide priority allocation based on regional requirements.

Mumbai, March 11: The Indian equity markets posted moderate losses in early trade on Wednesday over cautious sentiment amid the ongoing war between US-Israel and Iran, leading to the prolonged closure of the Strait of Hormuz.

As of 9.25 am, Sensex lost 109 points, or 0.14 per cent, to reach 78,096 and Nifty eased 26 points, or 0.11 per cent to reach 24,234.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 gained 0.72 per cent, and the Nifty Smallcap 100 added 0.85 per cent.

All sectoral indices traded in green except Nifty FMCG, financial services and private banks. Private banks led the losses down 0.73 per cent. Nifty media, metal and consumer durables were among the top gainers, up 1.52 per cent, 1.58 per cent and 1.25 per cent, respectively.

Near-term resistance for Nifty is placed at 24370-24416 area, while strong support spans the 23700-24080 zone, analysts said.

Derivatives data from yesterday’s session showed that foreign investors and proprietary traders remained positive, while retail investors went bearish, they added.

Resistance for Bank Nifty is seen near 57,200–57,300 zone, while support is located in the 56,600–56,700 zone, market participants said.

Sectorally, auto, financials, and consumer-oriented stocks led the recovery in the previous session, while some pressure was seen in select IT and oil & gas counters. Broader markets also remained firm, with midcap and small-cap stocks outperforming the frontline indices, reflecting selective buying interest across sectors.

On Wednesday, markets remained unsettled over fading hopes for an early end to the US-Israeli war on Iran and stagflation concerns compounded by US President Donald Trump’s threat of retaliations following reports of Iran mining the Strait of Hormuz.

Oil prices which had earlier this week touched $120 a barrel, dropped below 90-mark over reports of a group of countries planning to tap emergency crude reserves to mitigate disruption caused by the conflict.

International Brent crude was down 0.44 per cent at $87.39 per barrel early on Wednesday.

In Asian markets, China’s Shanghai advanced 0.05 per cent, and Shenzhen added 0.85 per cent, Japan’s Nikkei moved up 2.48 per cent, and Hong Kong’s Hang Seng Index surged 0.33 per cent. South Korea’s Kospi gained 3.41 per cent.

The US markets ended mixed overnight as Nasdaq added 0.01 per cent. The S&P 500 lost 0.21 per cent, and the Dow Jones declined 0.07 per cent.

On March 10, foreign institutional investors (FIIs) net sold equities worth Rs 4,685 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 6,250 crore.

Mumbai, March 9: Indian stock markets ended sharply lower on Monday as rising geopolitical tensions linked to the ongoing US-Iran war weighed on investor sentiment.

Although the indices recovered partially from the day’s lows after crude oil prices eased.

The Nifty settled at 24,028.05, down 422.40 points or 1.73 per cent. The index also officially entered the technical correction zone after falling more than 10 per cent from its record high of 26,373, which it had touched on January 5.

The Sensex ended the day at 77,566.16, falling 1,352.74 points or 1.71 per cent.

Despite the sharp fall, both indices managed to recover from their intra-day lows as oil prices softened during the session.

The Nifty rebounded about 160 points from its day’s low of 23,868.05, while the Sensex recovered nearly 1,142 points from the intra-day low of 76,424.55.

Commenting on Nifty technical outlook, experts said that the immediate support is placed around 23,700–23,600, and a decisive breakdown below this level could extend the decline toward the 23,400–23,300 zone.

“On the upside, immediate resistance is seen around 24,300 (gap area), followed by a stronger hurdle near 24,600, which needs to be reclaimed to signal any meaningful recovery,” an analyst stated.

Market participants remained cautious amid uncertainty surrounding the conflict between the United States and Iran, which has increased volatility in global financial markets and energy prices.

Broader markets performed worse than the benchmark indices during the session. The Nifty MidCap Index ended 1.97 per cent lower, while the Nifty SmallCap Index declined 2.22 per cent.

Among sectoral indices, the Nifty PSU Bank Index was the worst performer, falling 3.97 per cent as selling pressure intensified in public sector banking stocks.

On the other hand, the Nifty IT Index showed relative resilience and managed to close slightly higher, gaining 0.08 per cent to end at 30,162.05.

Analysts said markets remain sensitive to geopolitical developments and movements in crude oil prices, which could continue to influence investor sentiment in the near term.