The Police Control Room received a call at 6.08 PM that three bombs had been placed in the market in Connaught Place.
Police teams immediately reached the spot and evacuated thousands of shoppers.
Bomb and dog squads and fire tenders soon arrived at the spot but no suspicious object was found after a thorough search of the area, a police official said. Efforts are on to trace the caller, they said.
Police have been swamped by scores of bomb hoax calls since last Saturday's serial blasts.