The gunbattle took place when security forces intercepted a pick-up van in Pampore area on the outskirts of Srinagar after specific intelligence input about movement of militants, police and CRPF said.
The encounter erupted after the van driver was signalled to stop at a check post set up to intercept the militants, they said.
The militants travelling in the van got down and hurled a grenade at a CRPF camp adjacent to the check post and opened fire at the maingate, CRPF spokesman said.
"The terrorists were engaged and successfully neutralized," the spokesman said.
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Security forces had set up the temporary check post at Sempora in Pampore on the highway following information that some militants could be travelling from Anantnag district to Srinagar.
The CRPF spokesman said two constables of the force were injured in the incident.
A woman tourist from Bihar was also injured in the shootout, a police official said.
The injured have been hospitalised, he added.