TV news reports showed that the gruesome incedent was caught live on CCTV footage, where six men were running after a boy and when they caught hold of him, they stabbed him to death.
Police said that the the deceased was identified as Sachin, who along with his friend was passing through the market on a bike, adding that the incident took place yesterday.
"When Sachin reached market, some four to five persons stopped him and suddenly started attacking him with knives. After stabbing him, all accused fled the spot," said a senior police officer.
The officer also said that after the incident, Sachin was rushed to a nearby hospital where he was declared dead.
"During investigation, we have got to know that two or three accused were known to victim," he added.
"A case has been registered against unknown persons. Police are also scanning footage of CCTV installed in the premises of market. All accused would be arrested soon and further investigation is on," he added.
Such crimes, in a crowded area, have once again raised a question mark on how unsafe the national capital has become.
(With PTI inputs)