The Aussies failed to complete their quota of 50 overs and were bowled out for 213, leaving the Indians with a target of 214 in the last league match of the DLF Cup.
Australia chose to bat first after winning the toss but some impressive bowling by the Indian attack and tight fielding saw the Kangaroos getting all out for 213 in 48.1 overs.
Australia began their innings with Matthew Hayden and Simon Katich. The duo was tested by Agarkar and Munaf Patel, who were moving the ball well under heavy conditions and kept the ball in right areas.
Hayden, trying to regain his place in the one-day side, was able to rotate the strike but Katich was circumspect for long. He tried to break the shackles, hitting a superb straight drive for four off Munaf. But he tried one shot too many and was caught brilliantly by Suresh Raina at point.
Katich was out for nine and Australia lost their first wicket on 36. The big wicket came soon as the Indians eliminated the Aussie skipper with a set plan. Munaf kept it short and high to Ponting who fell to the trap and pulled it in the air only to see Agarkar taking a well judged catch at long leg.
Ponting could add only four and Australia was two down for 49.
Hayden held the innings and kept the scoreboard ticking from the other end. Only a shadow of the domineering batsman that once he was, Hayden was still good enough to hit occasional boundaries and complete his fifty. One shot in particular stood out when he walked down the pitch and hit over the ring on onside for four.
Hayden was looking good for many more but was run out on 54. The Indian fielders were looking very sharp on field and their agility brought another wicket when Damien Martyn too was run out.
Dinesh Mongia, playing for S Sreesanth in this match, bowled a tight line and length hardly giving anything to score off. Mongia's efforts were rewarded when he caught Andrew Symonds plumb in front of wicket.
Australia had lost half their side by the time they reached 100.
Spin attack from both the end stifled the Australian scoring and Harbhajan Singh continued his good display in the tournament and was able to purchase sharp turn from the track.
Dangerman Michael Hussey edged Harbhajan to the safe gloves of M S Dhoni to continue the Aussie slide. Harbhajan returned impressive figures of 10-2-24-1.
Seeing the slow bowlers' effectiveness Dravid introduced Virender Sehwag from the end where Harbhajan was bowling. The off-break bowler had a decent first over but in his second over he was taken for some runs.
Brad Hogg hit Sehwag for three consecutive fours in the 38th over that also raised Australia's 150. Australia needed quick runs at this stage and Haddin did his team's prospects no harm by hitting Mongia for two huge sixes in the 41st over.
Haddin and Hogg added 77 vital runs for seventh wicket before Haddin skied a RP Singh delivery to keeper Dhoni. He made 46 runs in 63 balls with two sixes and four well timed boundaries. Hogg also added 38 before being run out.
The tail couldn't survive till end and Australia was all out for 213 with eleven balls to spare.