The blaze started at around 11.45 am in the market set up on the occasion of Diwali at Zilla Parishad Ground under Krantipura Police Station in this Central Maharashtra city.
Over 150 firecracker stalls went up in flames, while 30 vehicles parked in and around the ground were also gutted, they said, adding no casualty has been was reported so far.
Cause of the fire was not immediately known.
More than half a dozen fire engines accompanied with water tankers were rushed to the spot and the flames were doused in over an hour, the officials said.
Police Commissioner Amitesh Kumar and other senior officers visited the spot and took stock of the situation.
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