However, no casualties have been reported so far.
The fire started around 4am on Wednesday at Suhrawardy market in Deobhogh and slowly engulfed the nearby Bhuiyan market.
Four fire fighting units from Dhaka and Naryanganj brought the blaze under control around 7am, Narayanganj fire service official Mumtaz Hossain said.
Firefighters apprehend possible electric short-circuit as the cause of the blaze.
The markets were stocked heavily for the sale ahead of Eid.
Fire service official Hossain said the loss in the fire could not be ascertained immediately, but those affected say it would run into millions.