Mumbai Police said all five have been arrested. Congress MP Murli Deora too confirmed the news before media.
Earlier reports said the 23-year-old woman who was assaulted in the central area of the megapolis inside a mill premises while on her assignment is stable, according to media reports and police.
The photojournalist was allegedly gangraped by five men and her male colleague was assaulted and gagged at a deserted factory in Mumbai on Thursday evening.
The police said that the girl, who was admitted in Jaslok Hospital, is stable.
The victim earlier reports said suffered multiple internal injuries.
Mumbai Police Commissioner Satyapal Singh told reporters on Friday: "The victim and her colleague were taking photos at Shakti Mill in Parel area last evening around 6.30 pm. Two men came and asked her if she had permission to shoot."
"Other men joined in and the photographer, in her 20s, was gangraped."
Police had released sketches of all five accused.
A case of gangrape was registered at NM Joshi Marg police station.
According to police sources, the woman, who works with an English magazine, has named two of the five suspects - Rupesh and Sajid.
"The medical bulletin will soon be released. We are doing everything possible to save her," said Dr Taran Gyanchandani, acting CEO of the hospital.
Maharashtra Home Minister RR Patil said, "The case will be investigated very seriously. The culprits will be caught very soon."
The incident brought back the memories of the Dec 16 fatal gangrape in New Delhi.
On Dec 16, six people gangraped and brutalised the 23-year-old Delhi Braveheart or Nirbhaya with an iron rod on a moving bus in New Delhi. The victim succumbed to her injuries at a Singapore hospital on Dec 29.
The incident triggered nationwide outrage against rising cases of crime against women in India with people pouring into the streets of New Delhi for days and demanding a change of law and strict punishment of the accused.
--IBNS (Posted on 23-08-2013)