The incident took place around 2 AM when people residing nearby woke to blast-like sounds in the area, the official said.
No one was hurt in the incident, he said. Fire fighters were then called in to douse the flames, which had engulfed the whole market by then.
More than ten fire tenders were put into service to bring the fire under control and it took more than four hours to extinguish the fire, he added.
An electrical short circuit in a shop is suspected to be the cause of the fire, informed fire officer, I S Kashyap.