Security was tightened at the market which houses large textile shops after members of the association held a meeting with the city police officials.
Police personnel have been deployed in addition to the 50-odd private security guards who were already present.
Meanwhile, police have begun a combing operation of the entire market place with help of dog squads. The parking area has also been emptied for security reasons, police said.
Metal detectors have been put at the entry and exit points.
In wake of the threat call, a large number of textile businessmen operating from the market opted to keep the shutters down.
Police also said that they are taking no chances after blasts rocked Mecca Masjid in Hyderabad a few days ago.