My definition of a market bike is well... Something less then $300 dollars either brand new a second hand, and I'm guessing that is what the bike in the picture cost brand new, maybe more... But when second hand definitely less than $300.
Now clearly it is a mountain bike, a hardtail as purists call them. Hardtails aka mountain bikes with only the front suspension and thus a "hard" rear at the back.
Ideally, it will have 3 X 7 gears at the very least. Lowest gears to tackle the urban hills, maybe certain HDB slopes, wheelchair access inclines, etc. The highest gears for pedaling down the longest of downhills both to keep control (Notice if you are a on a low gear coasting down a steep hill your legs have no control over the rear wheels) and to build momentum for the coming uphill thus saving precious energy.
Grading this bike lockup, Grade C+. Why? Decent U-lock but not a great technique, The U-lock could have gone through the Rear triangle through the rear tires (unless the tires are too thick) so that the rear wheel (most expensive part of bike) can not be stolen. Front wheel is quick release yet not locked. Seatpost is not quick release thus safer, and bike is quite beaten up and definitely less desirable.
Till next time :)