Irfan Pathan took four wickets, while R Ashwin and Vinay Kumar bagged three apiece to defend a 304-run target.
Sri Lanka Innings:
46th over: All over! 50-run victory for India! Prasanna is the last man to bow out as his wild swing off Pathan goes skywards and a circling Tendulkar completes a comfortable catch.
That wicket gave Pathan four (4 for 32) in the match, with Ashwin's 3 for 39 and Vinay's 3 for 55 completing the rout.
Jayawardene 78 and Sangakkara 65 were the only notable contributors for Sri Lanka, but losing 4 wickets for 31 runs in the batting powerplay proved to be the turning point.
45th over: Taken! Maharoof holds out to Raina as Vinay takes his tally to three wicket. It's getting all over sooner than expected for Sri Lanka, 254 for 9.
Farveez Maharoof c Raina b Vinay Kumar 18 (29)
42nd over: Pathan nails Tharanga! Probably the last hope for Sri Lanka disappears. A fullish delivery outside off, Tharanga tries to drive but inside-edges it onto the stumps. Sri Lanka 241/8 now! 64 needed in 48 balls.
WU Tharanga b Pathan 17 (16)
40th over: So the batting powerplay, which Sri Lanka were looking up to, has proved to be their downfall. 31 runs scored but 4 wickets lost. It's 225 for 7, 80 needed off 60 balls.
39th over: Another double blow! This time it's Vinay! After he bowled Kulasekara off a slower ball, Vinay sends Kapugedara back of the very next ball, thanks to a splendid low catch by Kohli at backward point. Sri Lanka staring down the barrel now at 216 for 7.
Chamara Kapugedera c Kohli b Vinay Kumar 0 (1)
Nuwan Kulasekara b Vinay Kumar 11 (9)
36th over: Well, well, well! Two wickets in the first over of the batting powerplay. Both the set batsmen, Sangakkara and Thirimanne, take the long walk back as Ashwin strikes it rich for India.
First Sangakkara's wild swipe finds Jadeja at deep mid-wicket and a ball later Ashwin traps Thirimanne to spark off celebrations. 107 needed off 84 balls.
Lahiru Thirimanne lbw b Ashwin 29 (37)
Kumar Sangakkara c Jadeja b Ashwin 65 (87)
35th over: Powerplay time! The next five overs could decide the fate of this match. India have bowled well in the last 10 overs, stifling the runs. Pressure is on Sri Lanka as the game enters a crucial phase from the 36th to 40th over at 196 for 3.
33rd over: Sangakkara and Thirimanne have set it up nicely as they near the batting powerplay. Sri Lanka 188 for 3, need another 117 in 102 balls.
30th over: India controlling things in the last five overs. There wasn't a boundary until that six by Thiramanne that took Sri Lanka's score to 171 for 3. Another 134 needed in 120 balls.
26th over: Bowled! Chandimal walks back! Ashwin's carrom ball has claimed a victim. Chandimal is lured out with the flight but misses the ball that holds its line to peg the middle stump back. Sri Lanka 152 for 3.
Dinesh Chandimal b Ashwin 13 (22)
23rd over: Sangakkara holds centrestage in Sri Lanka's chase now, which has reached 127 for 2.
20th over: End of the bowling powerplay. This bracket of five overs belongs to India, 23 runs and the big wicket of Mahela. India breathing a lot easy now at 125 for 2.
19th over: Gone! Jayawardene nicks Pathan straight to Dhoni. The Lankan skipper tries to be a little too cheeky with his guide, which goes off the face of his willow to Dhoni's right. 124 for 2.
Mahela Jayawardene c Dhoni b Pathan 78 (59)
18th over: Twenty runs have come for SL in the first three overs of bowling powerplay, and without any fuss. Mahela nearing a century and Sangakkara has quietly moved to 36. It's 122 for 1.
15th over: It's 102 for 1 and MS Dhoni has opted for the bowling powerplay. Will the fireworks continue or will India douse some of the Sri Lankan fire?
13th over: Fifty for Mahela! Just 43 balls it took for the Sri Lankan skipper to set up this chase. Displaying the complete range of his shots and literally toying with the Indian attack. Sri Lanka 86 for 1.
10th over: The mandatory powerplay is out of the way, and it has clearly gone Sri Lanka's way as the scorecard reads 65 for 1. Mahela is playing a blistering knock, 46 off 33 balls.
8th over: Some respite for India in the last few overs, though Mahela continues to play freely which has kept the run-rate up to six an over. 48 for 1.
5th over: Out! Dilshan finds the fielder. Pathan the wicket-taker. Totally against the run of play. Rank short ball and Dilshan hits it straight to Kohli at short mid-wicket. 31 for 1.
Tillakaratne Dilshan c Kohli b Pathan 7 (9)
4th over: It's been an action-packed start. Jayawardene and Dilshan going all guns blazing, including a huge six off Pathan by the Lankan skipper. It's 31 for no loss.
2nd over: Sri Lankans dealing in boundaries. One in the first over bowled by Irfan Pathan and two in this second one by Praveen Kumar. Sri Lanka 13 for no loss.
50th over: A six by Raina to end the innings, and Sri Lanka will need 305 runs to win the contest when they come out to bat. Dhoni finishes unbeaten 46 (26 balls), Raina 30 (17 balls).
48th over: Dhoni goes berserk as Kulasekara loses the plot. Three fours struck by the Indian captain, and plenty to think about for his Sri Lankan counterpart, Mahela Jayawardene.
46th over: India bring up their 250 as skipper MS Dhoni bludgeons a massive six of Maharoof. With Raina at the other end the platform is perfectly set for a late charge.
43rd over: Both the centurions depart in quick succession. Gambhir's wicket is followed by that of Kohli's as Maharoof strikes for Sri Lanka.
Gambhir c Tharanga b Maharoof 100
Kohli c Thirimanne b Maharoof 108
42nd over: Double delight for Team India! Both Gautam Gambhir and Virat Kohli bring up their 10th ODI centuries and 200-run partnership.
40th over: It's the end of the batting powerplay and the Indians have crossed the 200-run mark. Will they get to 300?
35th over: There seems to be no stopping Gambhir and Kohli who bring up their 150-run stand. Ominous signs for the islanders. It's 175/1 for India with 15 overs to go.
28th over: And now Kohli brings up his half-century, his 21st in ODIs. The vice-captaincy seems to be going down well with the 23-year-old.
25th over: It's 114/1 at the halfway stage of the Indian innings. Gambhir and Kohli in cruise control for the defending champions.
20th over: A flick off the pads results in Gambhir bringing up his 32nd ODI fifty. Virat Kohli at the other end is looking good as well as India progress to 89/1.
16th over: No delay by the Lankans in taking their bowling powerplay. India move on to 66/1 at the end of the over.
10th over: Gambhir and Kohli aim to resurrect the Indian innings after the loss of Tendulkar's wicket. The score at the end of the mandatory powerplay is 43/1.
6th over: Sachin Tendulkar falls to a high full toss! Mahela Jayawardene takes the catch at short cover off the bowling of Suranga Lakmal as the batsman fails to control his shot.
Tendulkar c Jayawardene b Lakmal 6
5th over: India take their score to 17/0 as Gautam Gambhir smacks Nuwan Kulasekara for a boundary in the over.
Mirpur: Sri Lanka captain Mahela Jayawardene won the toss and elected to field in the second match of the 2012 Asia Cup against India at Mirpur on Tuesday.
In a surprising move, the Lankans have decided to leave out Lasith Malinga for the game.
Pakistan had earlier beaten Bangladesh by 21 runs in the opening match of the tournament on Sunday.
If the recently-concluded CB Series is anything to go by, then Tuesday's clash should keep the supporters of both sides on their tenterhooks.
While the Indians have been on the receiving end of some serious flak as a result of their tour of Australia, which for all meaningful purposes was disastrous, Sri Lanka - led brilliantly by their skipper Mahela Jayawardene - were simply exhilarating in the tri-series, where they very nearly came up with the perfect ending.
India, on the other hand, will derive their belief from the fact that they have been fairly competitive against their sub-continental rivals in recent times. They, in fact, got the better of the Lankans twice in the CB Series, which included a mammoth chase in Hobart.
Sachin Tendulkar, Gautam Gambhir, Virat Kohli, Rohit Sharma, Suresh Raina, MS Dhoni(capt/wk), Ravindra Jadeja, Irfan Pathan, Ravichandran Ashwin, Praveen Kumar, Vinay Kumar
Mahela Jayawardene (capt), Tillakaratne Dilshan, Kumar Sangakkara (w/k), Dinesh Chandimal, Upul Tharanga, Chamara Kapugedera, Lahiru Thirimanne, Farveez Maharoof, Nuwan Kulasekara, Suranga Lakmal, Seekkuge Prasanna