Official sources told GNS that gunmen opened indiscriminate fire as soon as Bukhari was disembarking from his vehicle at the press enclave around 7:00 pm.
He was taken to hospital but was later declared dead.
"The scourge of terror has reared its ugly head on the eve of Eid". I strongly condemn this act of mindless violence and pray for his soul to rest in peace.
Chief Minister Mehbooba Mufti visited the family journalist Shujaat Bukhari.
The Press Club of India in Delhi said Bukhari's killing underlined the hard circumstances in which journalists operated.
"Forces inimical to restoring peace in the Kashmir valley have silenced a voice of reason, logic and peace", the Press Club of India said in a statement, mourning the loss of Bukhari.
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The Editors Guild of India issued a statement saying they "unequivocally" condemned the attack.
He added that he has spoken to Jammu and Kashmir Chief Minister Mehbooba Mufti and assured the killers would be punished. Basharat Bukhari, Shujaat's brother who is a minister in the state government, had returned from Mecca on Thursday after performing Umrah. "Prayers and condolences for them and their families on this awful night", he said.
The assassination has triggered fear among journalists, who have lost several colleagues to suspected militants' bullets in the past and many of whom are perceived through the prism of the hyper-nationalist propaganda run by some national television channels.
Former army commander in the area Lt Gen (retd) Syed Ata Hasnain said, "Very pained to hear of the shooting of Shujat Bukhari, Editor of Rising Kashmir".
Congress President Rahul Gandhi also condemned the killing, saying he had a courageous heart. The attack coincided with the United Nations Human Rights calling for worldwide inquiry into multiple violations in Jammu and Kashmir in its first ever report on Kashmir. Recent weeks have also seen threats of violence against many journalists in different parts of the country.
"This has devastated the whole journalist fraternity in the region". Amnesty India called Bukhari a "brave and outspoken voice for justice and equality in Jammu and Kashmir" in a tweet.
Hours before he fell to the bullets of unidentified gunmen, Bukhari vigorously defended his work on Twitter when some Delhi-based journalists accused him of doing "biased" reportage on Kashmir, and had posted the United Nations report on alleged human rights violations in the Valley.