Around ten shops were completely destroyed in the explosion. The militants escaped after the blast.
The market is owned by Subaidar Mehboob, the vice President of Orakzai levies.
The blast has caused a loss of about Rs800,000.
Khyber-Pakhtunkhwa and the tribal areas have been struck by violence since hundreds of Taliban and al Qaeda fighters sought refuge there after the US-led invasion of Afghanistan in 2001.
The government has claimed a number of military successes against the hardliners over the past two years, but attacks continue across the country and are concentrated in the northwest.
Pakistan launched its most ambitious military offensive yet against Taliban militants in South Waziristan in 2009.
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