Two bombs exploded here today, injuring 11 persons, and two guerrillas were killed in a sea battle with the Israeli Navy in Palestinian actions apparently timed to coicide with the second anniversary of Equptian President Anwar Sadat's historic visit to Jerusalem.

The explosiion of two buses in morning rush-hour traffic came within hours of when Sadat offered a prayer for Middle East peace at Mount Sinai, which today was formally returned to Egypt as part of the Israeli-Egyptian peace treaty.

In one bus, a passenger discovered the bomb and the bus driver ordered the passengers to disembark.

He drove toward an empty lot but the bomb went off seconds later at Zion Square, one of Jerusalem's busiest crossroads. The driver and two policemen were slightly injured.

In the second bombing, the device detonated on a nearly empty bus in the Kiryat Hayovel residential quarter. Police reported eight persons injured.

In Beirut, the Palestine Liberation Organization claimed responsibility for the bombings and said "more than 20 Israelis were killed or wounded."

The statement made no mention of the sea battle. But hard-line Palestinian guerrillas, including several small groups joined under a coalition called the Rejection Front, later claimed responsibility for the attempted attack.

The Israeli military command said a navy patrol sustained no casualties in an exchange of fire with a rubber dinghy that it encountered late Sunday night in the Mediterranean Sea about 3 miles south of Israel's border with Lebanon.

The command said guerrillas aboard the dinghy fired bazookas at the Israelis before the patrol boat blew it apart. Two bodies were recovered, and two guerrillas were found alive in the sea, the military statement said.

The last time an Israeli naval patrol stopped a rubber dinghy attempting an attack on Israel was on Aug. 18, when three guerrillas were captured and a fourth presumably drowned.

On Sept. 6, a army patrol chased away an invading squad of guerrillas at Beit Shean in the Jordan Valley.

Israeli troops carried out a series of air, sea and ground attacks against guerrilla targets in southern Lebanon during the summer. But the region has been relatively quiet since United Nations peace-keeping forces mediated a cease-fire at the end of August.

In Washington , Israeli Interior Minister Yosef Burg said today it will take "weeks, if not months, to resore a better atmosphere" for Palestinian autonomy talks as a result of the controversy growing out of Israel's recent attempt to deport the mayor of Nablus on the West Bank of the Jordan River.

On Sunday, in a move to avoid a clash between the army and radical Jewish settlers, the government postponed up to six weeks a deadline for relocating the illegal outpost of Elon Moreh.