Data showed India's economy grew 7.6 per cent in the September quarter from a year earlier, above market expectations for 7.3 per cent but below the preceding quarter's 7.9 per cent rise.
Analysts said Mumbai was no stranger to political violence and markets had usually regarded previous bombings and other attacks with a degree of nonchalance.
Still, investors will be cautious.
"We have no doubt that the risk premium will rise in the short term," Securities firm Macquarie analyst Seshadri Sen said in a note, adding the market would partly offset the shocks by gains in overseas markets in the past two days.
"Some fresh selling from the FIIs also may come as the situation has changed between Wednesday and today," said Gajendra Nagpal, chief executive of Unicon Financial in New Delhi, referring to foreign institutional investors.
Foreign funds have withdrawn a net $13.7 billion from Indian shares this year, pushing the BSE index down 55 per cent.
The broader 50-share NSE index was down 0.44 per cent at 2,740.05.
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