The attack took place in broad day light at Nowgam Bypass in the State capital.
Security forces did not retaliate in view of heavy movement of civilians in the area, the sources said. The area has been cordoned off, a senior CRPF officer said.
The terrorists, who came in a car, fled towards Pulwama after carrying out the attack, he added.
The CRPF jawan was stated to be in stable condition according to the official.
No terror outfit has so far claimed responsibility for the attack.
A hunt has been launched to nab the terrorists, the officer said.