Depending on your usage and the look of the bike you prefer, either of the bikes you are looking at will be a great fit for you. The Bajaj Pulsar NS200 is a great entry-level performance naked bike and will be far more comfortable to use daily due to its upright ergonomics. However, if ridden enthusiastically, fuel economy will take a hit.
The Yamaha R15 M is the top model in the lineup, and its ex-showroom price is above Rs 1.80 lakh, which means it is quite a bit above your budget. If you do decide to stretch for the R15 M, you will have one of the sweetest, most capable beginner sportbikes around with a great look and feel. However, the latest R15 models are very committed in terms of their riding position. So, if you are going to use it regularly, you will need to put up with a seriously uncomfortable riding position.
Instead, if you want similar performance, fuel economy and reliability with a good dose of daily practicality and a much lower price tag, check out the Yamaha XSR155. This is essentially an upright, neo-retro version of the R15 and will serve you just as well.
A test ride of these 3 should help you determine which is the right machine for your needs.
