The fire which erupted in the Satyanarayan Park air-conditioned market in the central business district in Kolkata early on Tuesday continued to rage on Wednesday with 17 fire tenders still trying to control the blaze.
No one was, however, injured, fire brigade sources said adding the cause of the fire was yet to be ascertained.
Tremendous heat and thick smoke in the two basement floors hampered entry of firefighters.
Water was being used to cool down the overheated floors and holes had been bored into the walls of the basement to let the smoke out.
Director General of Fire Services Balkar Singh said a fire extinguishing system in the market was almost non-existent and whatever little was there did not function.
It was estimated that goods worth several lakhs were destroyed in the fire.