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Dalal Street sinks to 10-month low amid panic selling as crude crosses $100

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Dalal Street sinks to 10-month low amid panic selling as crude crosses $100
Mumbai: A fresh bout of panic selling pushed India’s main equity indices to a 10-month low on Monday as oil prices leapt past $100 a barrel for the first time since 2022 amid the full-blown conflict in West Asia, deepening concerns of the inflationary impact of surging energy costs on the economy and the rupee.

The sell-off erased about ₹8.7 lakh crore from the aggregate market capitalisation of BSE-listed companies.

India’s Volatility Index – the stock market’s fear gauge – jumped 17.5% to 23.36, off the day’s high of 24.49, underscoring the heightened risk-off mood in the market that has prompted foreign fund managers to step up selling. The index has surged 92% over the past month, with the war between US-Israel and Iran contributing to existing concerns over the impact of AI-related disruptions on the software services sector.

For now, soaring oil prices seem to be the topmost concern.

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“The sharp rise in oil prices has pushed investors into a risk-off mode, leading to higher volatility, sector rotation and intermittent bouts of selling,” said Shreyash Devalkar, head – equity at Axis Mutual Fund.

Screenshot 2026-03-10 063105Agencies

Some Losses Recouped
“For India, crude oil is the most critical variable because it directly impacts inflation expectations, the current account, the rupee and, eventually, interest rates,” said Devalkar of Axis MF. The NSE Nifty 50 dropped 422.4 points, or 1.7%, to close at 24,028.05-its lowest level since May last year-while the BSE Sensex declined 1,352.74 points, or 1.7%, to end at 77,566.16, its weakest close since April 2025. Both indices had fallen more than 3% during intraday trade.
The fall in crude prices from the highs helped the market cut a portion of the losses, said Sunny Agrawal, Head of Research at SBI Securities.
Brent crude May futures were trading near $104 a barrel on Monday evening, off the highs of $119 earlier in the day, after G7 countries tried to curb the run-up by announcing the release of emergency oil reserves. But this could be temporary if the conflict drags on for longer than expected. Foreign portfolio investors sold shares worth ‘6,346 crore on Monday, while domestic institutional investors were buyers to the tune of ‘9,014 crore. FIIs have sold shares worth ‘28,525 crore since the start of the conflict last Saturday.

“Elevated crude prices, a stronger US dollar and pressure on the rupee typically prompt FIIs to pare exposure to emerging markets, and India is no exception, given its high oil import dependence,” said Devalkar.

Among Asian markets, Japan’s benchmark plunged 5.2%, South Korea dropped 6%, Taiwan fell 4.4%, Hong Kong declined 1.4% and China slipped 0.7%. The pan-European Stoxx 600 index was down less than 1% at the time of going to print.

At home, the broader markets also came under selling pressure, with the Nifty Midcap 150 falling 2% and the Nifty Smallcap 250 declining 2.3%. Of the total 4,536 stocks traded on the BSE, 886 advanced while 3,484 declined on Monday. On the technical front, Nifty has strong support near 23,500 and resistance around 24,500.

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Details released on huge new 1,491 home community planned north of Leigh

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Details released on huge new 1,491 home community planned north of Leigh

Vistry says it wants to create ‘well-planned new neighbourhood’

Vistry's plans for North Leigh Park

Vistry’s housing plans for North Leigh Park(Image: Local Democracy Reporting Service)

Detailed plans have been submitted for a new community of 1,491 homes and a section of trunk road at North Leigh Park.

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Outline permission for up to 1,700 homes at the site was approved in 2013 but a new planning application lodged with Wigan council in the past few days gives details of the layout, appearance, landscaping and scale of the majority of the proposed development.

Two parts of the wider site have previously been developed. The first close to Nel Pan Lane where 87 homes were created on either side of the new estate road by Countryside Properties in 2021.

The second is a development of 99 homes on the northern edge of the site which is accessed from Tiverton Avenue. That phase was brought forward by Bellway Homes.

A design and access statement has been published on the council’s planning portal on behalf of developer Vistry Group.

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The report said: “The vision for North Leigh Park is to deliver a sustainable, well-connected and attractive new development for Wigan.

“It will deliver part of the new strategically significant highway infrastructure required to connect junction 5 of M61 with junction 26 of the M6.”

North Leigh Park is 2.6km to the north-west of Leigh town centre. Westleigh High School to the south-east of the site.

It is to the east of the A578 (Leigh Road) and covers a huge 178-acres. The site has an industrial past used for coal mining, sand extraction quarrying, industrial waste management operations, a scrap yard and a sewage treatment.

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Vistry's North Leigh Park site

Vistry’s North Leigh Park development site(Image: Local Democracy Reporting Service)

The report added: “The application for approval relates to 68 hectares of the site. The proposed development parcels have been designed to strategically avoid highly contaminated areas.

“This approach ensures that land is redeveloped in an appropriate way to ensure the protection of future occupiers.

“It comprises the residual area of the site which remains undeveloped and includes the link road.”

That road would connect Leigh Road (A578) to Atherleigh Way (A579). The site was recently announced as one of six priority housing locations selected for the Government’s New Homes Accelerator programme, aimed at overcoming planning barriers and accelerating the delivery of new affordable homes and supporting infrastructure.

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Speaking in January, Matthew Parkes, managing director, Vistry Manchester and Cheshire East, said: “We are pleased to be bringing forward the next phases of North Leigh Park and continuing to work with Wigan Council, the Government and the local community to deliver much-needed new homes in this part of the borough.

“This is a significant opportunity to prevent a complex former industrial site becoming a long-term environmental problem and instead turn it into a well-planned new neighbourhood, with new homes, green spaces, local facilities and improved connections.”

The council will decide on the plans in the coming weeks.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Petronet LNG, other gas stocks jump up to 5% as Trump’s Iran war remarks ease supply worries

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Petronet LNG, other gas stocks jump up to 5% as Trump’s Iran war remarks ease supply worries
Shares of gas companies rose in trade on Tuesday after US President Donald Trump said the war with Iran could end “very soon,” easing concerns over prolonged supply constraints due to the effective closure of the Strait of Hormuz.

This comes after the stocks took a severe beating earlier last week as tensions between Iran and Israel-US escalated, with no sign of a diplomatic resolution. Supply shortages began to emerge in several cities, including Mumbai and Bengaluru, with restaurants in some areas warning of possible closures due to insufficient fuel.

Trump on Monday told CBS News that he believes the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four-to-five week estimated timeframe. He also told reporters that his administration was lifting sanctions on some countries as part of efforts to stabilise the oil market.

“So we have sanctions on some countries. We’re going to take those sanctions off until the Strait is up,” he said, without providing further details.

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“It’s going to end soon, and if it starts up again they’ll be hit even harder,” Trump added.


Following the remarks, crude oil prices plunged sharply after a blistering rally that had pushed prices past the $100 mark for the first time since Russia–Ukraine War began in 2022.
India imports more than 60% of its domestic LPG needs, and around 85–90% of these imports pass through the Strait of Hormuz. The country consumed 31.3 million tonnes of LPG in FY25, of which only 12.8 million tonnes were produced domestically.Earlier last week, the Indian government invoked emergency powers and directed oil refiners to ensure there is no shortage of LPG for domestic customers due to supply constraints arising from rising geopolitical tensions in West Asia.

Shares of Petronet LNG jumped around 5% to trade at Rs 291.5 apiece. The stock had earlier declined more than 9% last week after the company issued force majeure notices to QatarEnergy and others because vessels were unable to safely transit through the Strait of Hormuz. The possibility of traffic resuming through the critical chokepoint appears to have boosted sentiment.

Meanwhile, shares of Gujarat Gas rose about 1.6%, GAIL (India) gained more than 2%, while Indraprastha Gas Limited was up over 1%.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own and do not represent the views of The Economic Times.)

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Opinion: Henderson’s human capital conundrum

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Opinion: Henderson’s human capital conundrum

OPINION: A deepening talent war could threaten to stall the state’s sovereign ambitions in terms of naval shipbuilding.

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Inflation and Labor Data, Oracle, Hewlett Packard, Adobe, and More to Watch This Week

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PCE, Walmart, Palo Alto, Analog Devices, Deere, and More to Watch This Week

Inflation and Labor Data, Oracle, Hewlett Packard, Adobe, and More to Watch This Week

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Douglas Dynamics: I Should Have Upgraded This Play Sooner (NYSE:PLOW)

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Douglas Dynamics: I Should Have Upgraded This Play Sooner (NYSE:PLOW)

This article was written by

Daniel is an avid and active professional investor.
He runs Crude Value Insights, a value-oriented newsletter aimed at analyzing the cash flows and assessing the value of companies in the oil and gas space. His primary focus is on finding businesses that are trading at a significant discount to their intrinsic value by employing a combination of Benjamin Graham’s investment philosophy and a contrarian approach to the market and the securities therein. Learn more.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Padel courts planned for ‘quiet village’ as residents worry over potential noise impacts

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Padel courts planned for 'quiet village' as residents worry over potential noise impacts

Venue planned for Bathampton as there are no courts in neighbouring Bath

Padel racket leaning against a black net on a vivid blue court with a yellow ball on the ground, suggesting a pause after play or the end of a match, close-up perspective

Padel is growing in popularity (Image: Getty Images )

Plans have been submitted to build padel courts in a village next to Bath as there remain none in the city.

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Bath and North East Somerset Council’s planning committee has twice blocked plans to build the first padel courts in Bath – even though one of them was the council’s own plan. Members of the planning committee have warned that the “gunfire-like” noise of the game would harm neighbours’ mental health.

Now Smash Padel wants to build five padel courts on the former railway station in Bathampton on the edge of the city. But locals in the quiet village say they are concerned that no report on the noise impact of the courts has been submitted with the plan.

People in the village who contacted the Local Democracy Reporting Service said: “This seems to be a common reason for planning approval to be denied. Given the context of our quiet, conservation village and the topography of the surrounding countryside, this seems to be a big omission.”

Smash Padel wants to build five outdoor padel courts and a single storey pavilion made of shipping containers. The village’s railway station was closed in 1966 and the site was later used as a timber yard, but the planning application said it was now disused and “falling into a state of disrepair.”

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The padel company said: “There are currently no existing padel facilities in the Bathampton area. Demand for such facilities is growing, particularly for venues to accommodate quality coaching. This is especially important for two young Bath residents who are elite athletes and currently have to travel considerable distances, notably to Smash Padel in Bicester, to access the high-level of coaching that they require.”

Padel is a sport similar to squash but plated with a solid racquet. Originally from Mexico, the sport has boomed in popularity since the Covid-19 lockdown and is one of the fastest growing sports. But there is nowhere to play the sport in Bath, as each proposal to build padel courts has been turned down by the planning committee.

Bath and North East Somerset Council originally planned to build some padel courts as part of its upgrades to Odd Down Sports Ground, but they were turned down by its own planning committee in 2024 over concerns the sound of the game would be like “Chinese water torture” for neighbours. The upgrades to the sports ground later went ahead without any padel courts.

Later that same year, the Lansdown Tennis Club proposed building padel courts but was refused planning permission over the “gunfire-like” noise. The club appealed the decision but planning inspectors upheld the planning committee’s ruling.

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In addition to Smash Padel’s plans in Bathampton, the University of Bath is also trying to build the city’s first padel courts. It has included proposals to build two padel courts as part of major plans for a huge student accommodation development for 962 students at its campus The plan is still under consideration.

You can view and comment on the plan for the padel courts in Bathampton here.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Warning parking charges could be hitting North Somerset town’s economy

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Warning parking charges could be hitting North Somerset town's economy

Traders urge council to rethink charges

Emma Lake, who runs Coates House in Nailsea

Emma Lake, who runs Coates House in Nailsea(Image: Local Democracy Reporting Service)

Nailsea Farmer’s Market used to mean the busiest day of the month for high street pub-bistro Coates House – but its owner says the end of free parking has changed all that.

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North Somerset Council controversially introduced parking charges to the Station Road Car Park in the small town in June. Now the town is warning that the move has harmed the local economy and is urging the council to rethink the charges.

Emma Lake, who runs Coates House, said: “When we first took it on in January 2024 we were taking a business that wasn’t doing great, and we started building up trade and we’ve turned it around which is great. And then come about six/seven/eight months ago when the parking charges came in, we saw quite a bit of a decline during our peak time.”

The numbers coming in for lunch have now dropped by half. In fact, its busiest times have gone from being lunchtimes and Fridays and Saturdays, to evenings and Sundays – the only times when car parking remains free.

But Ms Lake said that the evening trade was not enough to compensate for the loss. Even the monthly market day is now little different from any other Saturday. Coates House took £4.2k on market day in November 2024 and just £2.5k on November 2025’s after parking charges were introduced.

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As a result, the local business has had to cut its hours – which Ms Lake says she has tried to be as fair about as possible. Lower sales also mean that the pub is ordering less from the five local suppliers it uses, another claimed knock on effect of the parking charges on the local economy.

And it is not the only business struggling with the charges – 79% of businesses which responded to a Nailsea Town Council said their turnover had been adversely affected by the introduction of the parking charges. The average reduction in turnover reported was 29%.

Nailsea Fruit and Veg has recently closed, meanwhile the company which owns May News on Somerset Square is now planning to sell the shop to be run by someone else if profits don’t improve. Ryan Higgs who works at the newsagents said: “Ever since the parking charges came in our business has been slowly dropping.”

The shop’s customers are mostly older, he said, and did not want to pay the parking charges but were less able to walk in. He said: “The parking charges are ruining a lot of shops. I have never seen this town centre as dead and as quiet and depressing as it is now.”

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“It is not going to be free”

On February 26, Ms Lake addressed a North Somerset Council scrutiny committee alongside Nailsea Town Council’s Graham Parsons, urging them to rethink the parking charges. Ms Lake told councillors: “It does feel like North Somerset Council do not want small independent businesses to survive.”

Mr Parsons added: “Everyone is aware of the financial situation North Somerset Councils finds itself in. However the erosion of a town centre’s viability is not an acceptable way to help plug the gap.” A report by the town council, submitted to the committee, warned the impact on local businesses from the parking charges was a “serious economic concern.”

But North Somerset Council officers said the relationship between parking charges and the health of the high street was “more complex.” The scrutiny panel was discussing the council’s six month review of Nailsea’s parking charges.

Mike Bird, independent councillor for Nailsea Yeo on North Somerset Council.

Mike Bird, independent councillor for Nailsea Yeo on North Somerset Council(Image: Local Democracy Reporting Service)

Committee member Mike Bird, who is also the independent councillor for Nailsea Yeo on North Somerset Council, told the meeting: “The North Somerset review you have before you only really considered parking numbers and not the consequences for the local community.”

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He pointed out that the closure of Nailsea Fruit and Veg meant the council had lost out on £23k a year in business rates. He warned: “Quickly the losses of business rates could outstrip the so-called profits of these parking charges.”

Since the introduction of parking charges, Station Road Car Park has only been about half full. It is now proposed to trial a reduction in price of the one hour ticket from £1 to 50p from June 2026 “to strike an appropriate balance between local calls for low-cost or free short-stay parking to support the high-street and the need to ensure that car parks remain financially self-sustaining.”

Nailsea Fruit and Veg has closed.

Nailsea Fruit and Veg has closed(Image: Local Democracy Reporting Service)

But Mr Bird warned that this could do more harm than good if people were encouraged to stay for an hour instead of two. He said: “We need to be encouraging people to stay longer in the town, not shorter.”

He called for the parking charges for one and two hour stays to be abolished and a cheaper three hour ticket introduced. But the proposal faced opposition from some other councillors on the scrutiny committee in a tense hour-long debate which was defined more by geographical lines than party affiliation.

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Several councillors representing areas of Weston-super-Mare, which has had parking charges for years, rejected the idea that other towns in North Somerset should be spared them. Decisions on parking charges are up to the council administration, with the scrutiny panel having an advisory role.

Ms Lake told the Local Democracy Reporting Service that she did not think dropping the hour charge to 50p would help. She said: “They need to look at doing something that will entice people to stay to have a meal and to be able to then go and shop in other local shops.”

She said: “It’s Nailsea. It’s not a destination place. It’s not a place where you come and spend a day. So anything that helps people come to Nailsea and spend in the local community is going to help massively.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Regional WA service stations run dry as Iran war raises fuel supply fears

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Regional WA service stations run dry as Iran war raises fuel supply fears

A country service station’s fuel order backlog has surpassed one million litres as war in the Middle East hampers the global oil trade.

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Bender Scott, Cactus Inc. chairman, sells $3.2m in stock

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Bender Scott, Cactus Inc. chairman, sells $3.2m in stock

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Q2 holdings CPO Rutledge sells shares worth $1.3m

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Q2 holdings CPO Rutledge sells shares worth $1.3m

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