The Sri Lankan top order treated the Indian attack disdainfully and opener Upul Tharanga (116), Thilina Kandambi (101) and Thilan Samaraweera (102) smashed quick-fire centuries to have the number one Test side on the mat.
Dinesh Chandimal (5) and Kuashjal Silva (6) were unbeaten when stumps were drawn for the day at the Colts Cricket Club ground.
The hosts scored at a furious pace, at a run-rate close to five, more than half the runs coming through came through boundaries.
India badly missed the injured pace duo of Zaheer Khan and S Sreesanth, the six bowlers used by skipper Mahendra Singh Dhoni were uneconomically and unable to trouble the opposing batsmen.
Spin spearhead Harbhajan Singh's absence from the line-up due to viral fever also compounded the fitness problems for India as the other tweakers failed to make an impression.
Although Pragyan Ojha (3 for 133) and Amit Mishra (2 for 120) shared five wickets between them, but together gave away 253 runs in the 50 overs they bowled.
Pacers Ishant Sharma and Abhimnayu Mithun went wicket-less and it was not before the 35th over of the innings that India got its first success.
Ojha dismissed left-handed Tharanga but by that time he had raised a solid opening partnership of 188 runs with Lahiru Thirimanne (66) as Sri Lanka made a bright start after winning the toss.
The Hyderabadi left-armer struck for the second time after four overs when he scalped Thirimanne but there was hardly a moment to rejoice after that for the Indians.
The next two batsmen Kandambi and Samaraweera frustrated the Indian bowlers by raising a huge 180-run stand for the third wicket.
India struck thrice towards the end with Mishra removing Kandambi and Ojha sending back Samaraweera but by that time Sri Lanka had completely overwhelmed the hapless Indians.
Scorecard
Sri Lanka Board President's XI (1st innings):
W Tharanga c Laxman b Ojha 110
H Thirimanne c Gambhir b Ojha 66
S Kandamby st Dhoni b Mishra 101
T Samaraweera c Gambhir b Ojha 102
H Jayawardene st Dhoni b Mishra 13
L Chandimal not out 5
J Silva not out 6
Extras: (lb 5, w 2, nb 22) 29
Total: (for 5 wickets; 88.4 overs) 432
To bat: Mendis, Fernando, Welegedara, Senanayake
Fall of wickets: 1-188, 2-209, 3-389, 4-418, 5-418.
Bowling: I Sharma 17.4-2-78-0 (7nb, 1w), A Mithun 18-1-70-0 (1w), A Mishra 25-1-120-2 (11nb), V Sehwag 2-0-15-0, P Ojha 25-0-133-3, Yuvraj Singh 1-0-11-0.
Indians: M S Dhoni, V Sehwag, R Dravid, G Gambhir, S Tendulkar, VVS Laxman, Yuvraj Singh, A Mithun, A Mishra, PP Ojha, I Sharma.