The film is based on a book by the same name and uses real names and places -- the main reason why it's release was delayed in 2005.
The film examines the conspiracy behind the blasts and the massive follow-up investigation.
In capital New Delhi, audiences thronged theatres on the opening day.
"It's an amazing movie, giving a very true picture of the Bombay blasts and I must suggest everybody must watch it. It's a very good movie," said Sourav, an early-bird.
Police say the bombings were masterminded by underworld don Dawood Ibrahim, India's most wanted man, to avenge the razing of the 16th-century Babri Masjid which led to widespread rioting in several parts of India in 1992.
The film's Indian debut was held up for two years due to legal worries as it was believed it could influence the 13-year-old trial into the synchronised bomb attacks on Mumbai, the country's financial and film capital.
That trial ended in September and an anti-terrorism court found 100 people guilty. Another 23 defendants were acquitted.
Anurag Kashyap, Director of ‘Black Friday' said the success of the film lay with the audiences' response to it.
"The court case is over and the verdict is out. There has been though, a certain impact on people who attended the screening and I have seen it myself. What has to be seen now is whether people just forget it after awhile, thinking it's just another movie, or retain it in their minds as something that is real and going on around them,"Kashyap said at the premiere of the film in Mumbai on Thursday.
Bollywood actors and filmmakers who thronged the premiere acclaimed the latest departure from formulaic song and dance offerings.
"The fact that this film has finally reached theatres means more power not only to filmmakers but to the Indian people, because I think all of us have the right to information,"said beauty queen turned Bollywood actress Diya Mirza.
‘Black Friday' comes after last year's wave of bombings on Mumbai's teeming railway network, which killed 186 people.
Kashyap is known for his cinema verite style. He said recreating the environment of 1993 was the toughest challenge.
Kashyap, who made his Bollywood debut as a writer, says his film is not meant to be judgmental.
‘Black Friday' was screened at festivals in Locarno, Estonia, South Korea and the United States, and was awarded the Grand Jury prize at the Indian Film Festival of Los Angeles in 2005.