Australia just take the day by a whisker, only because of Sehwag's untimely dismissal. With a scorecard reading 110/1, and Sehwag still there, it would have been India's day by a long distance. India's rapid run scoring so far is the only reason this match could still have a result, their current run rate is almost double that of the Aussie innings. The Aussies looked to be playing for a draw while batting and hoping their bowling comes off spectacularly or that India collapse twice to give them a favorable result.
India's run rate of 5.2 proves this is not a horrible track to bat on, but Sehwag's loss will certainly bring this rate down a lot tomorrow. If Dravid and co. can put on another 400+ in semi quick time, that's the only way to force a result in this match. Ishant's unavailability will hamper India only in that the new ball will be somewhat wasted, not because of his current form.
My prediction for day 3: India 430ish for 8 at stumps, hope I'm not too far off the mark!