Thirty fire tenders have been pressed into service to douse the fire in the building that houses over 400 business establishments at the wholesale market.
City mayor Sovan Chatterjee, who visited the market, said the fire was controlled to some extent, but refused to comment on how long it would take to extinguish the blaze completely.
Hawkers, who have been doing business on the pavements in front of the plush hotel for decades, have wormed their way to occupy up to three-fourth of the area, making it a fire hazard.
India's corporate bond market, driven by public sector undertaking (PSU) banks and financial institutions last year, is losing momentum since the second quarter of FY26.
At the moment the process of "cooling down" was on at the Bagree Market and 15 fire tenders have been pressed into service for it.
West Bengal is home to 43,000 Durga Pujas, and the business around it is a major economic driver.
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