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.

All bikes you have shortlisted make for good beginner bikes with their unique strengths. The Yamaha XSR155 / MT-15 will be the lightest and easiest to manage machines with a sporty and engaging engine + chassis combination. They will also return excellent fuel economy. However, over long stretches of bad roads, the stiff suspension will cause some discomfort.

The Honda CB350 H'ness and Royal Enfield Hunter 350 are laid-back roadsters with torquey, smooth 350cc engines. They will be more comfortable but will not have as good fuel economy or handling capabilities. 

It all boils down to the sort of experience you are after and the design you like the most, so a test ride of all four is in order. 

Since this is your first bike, you should ask yourself what sort of rider you are and then pick the machine accordingly. If you feel you enjoy speed and want a sporty, engaging machine, then something like a KTM 160 / 200 Duke, Yamaha YZF R15 V4 / MT-15 and XSR155 will be good options to consider. 

If you want to have a relaxed riding experience and want something stylish, then a Royal Enfield Hunter 350 or TVS Ronin would be a good starting point. Lastly, if you want a single 'standard' bike that can do most daily things, then something like a Honda CB300F would be a good option. 

If you want something that prioritises fuel efficiency, a 160cc commuter from Honda, TVS, Bajaj, Hero or Yamaha would be the way to go. 

Take thorough test rides of each machine you consider before making up your mind up. 

Let's dissect each bikes strenghts and weaknesses so you know what you're in for. The TVS Ronin is a relaxed, comfortable, peppy and relatively fuel-efficient machine. If you don't mind how it looks, the Ronin is a machine that will keep you satisfied for a long time.

The Yamaha XSR155 is essentially a handsome MT-15 with some small ergonomic changes. It is the sportiest machine of all the bikes you're considering and that reflects in its canted forward riding position and stiff suspension setup. If you have good roads around your residence, then the XSR makes for a compelling purchase.

The Royal Enfield Hunter 350 and the Honda CB350 H'ness are similar machines with somewhat familiar riding experiences. Both are comfortable, look good and have big, torquey air-cooled engines. The difference is that the Honda feels like a more substantial bike that needs a little more effort when riding, owing to its super tall gearing - not necessarily a bad thing, if you're into this sort of thing. 

The Hunter will feel smaller, lighter and more flickable inside the city. Additionally, its well-judged gearing will ensure you don't have to make many gear changes. 

Take a comprehensive test ride of all 4 before you decide.

The Triumph Speed T4 will make for a better all-rounder because of its larger and more flexible 398cc engine. It is perfectly usable inside the city, and on the highway, you can cruise at early triple-digit speeds without breaking a sweat. 

If you want similar looks but more performance and better componentry, the Triumph Speed 400 makes a good case for itself. 

The Yamaha XSR155 is a much smaller - and lighter - bike that will have better handling and fuel economy, but will feel a little out of its element on the highway. 

You should also look at the Royal Enfield Bullet / Classic / Hunter 350 models (depending on your budget and design preferences). They are smooth, charming and comfortable machines that can be used both inside the city and on the highway. For similar reasons, the Honda CB350 trio also warrant serious consideration. 

A test ride of all of these, as well as anything else you're considering, will help you decide which one is the best fit for you.