The victim, Mehtabuddin, received a bullet injury on his thigh and his condition is stated to be out of danger.
The incident happened last night when he was heading back home after dinner at a friend's house.
Most shops in the market had shut down by then, police said.
From preliminary investigation it seems like a case of personal enmity.
A case of attempt to murder has been registered at Hauz Qazi police station in connection with the incident.
Mehtabuddin told the police that he had received threats from a relative in connection with a property dispute.