The blaze engulfed various shops in the market in no time. At least 10 fire brigade vehicles reached the spot and taking part in the fire extinguishing operation.
According to the guard at the duty, the fire broke out in a shop around 6:30am which then engulfed several adjoining shops due to short circuit.
Rescue officials said no casualty was reported in the incident.
However, valuables worth millions of rupees have been reduced to ashes.