Dell Studio is not suited to be called a gaming laptop. Its got 256MB HD3450 GDDR2... which is pretty much low.
XPS 1530 would be a far better choice as a gaming laptop with 256 MB 8600M GTGDDR3 and also well suited to ur budget.
HP DV5-1016TX is almost 69K+ tax with 512MB 9600MGT GDDR2, which is pretty much faster than the studio. But still would be just as equal to or little less than the XPS 1530.
The other options which u have are :
Acer 5930 and 6935 models with 512MB 9600MGT GDDR3 and great display. But i am not sure yet about the availability of these models.
MSI GX620 with 512MB 9600MGT GDDR3 around the same price as the 1016TX without the Blue ray and FP reader. though the HP lacks the DDR3 mem in the card.
I personally am going for the GX720 which is 75.3K + tax... similar to GX620 with the bigger screen.
Also i should mention, the HP DV5-1015tx... which is the same as 16 just without the blue ray reader, making it 64K+ tax.
And another info, while the HP laptops are avaliable in India freely, the MSI would take around 1 month's time after the order to actually reach ur doorstep. They are not avaliable in India.
Not sure abt GX627, but the rest u should forget about in that budget.
Info: GT725 has HD4850... the fastest single card on notebooks... and the only notebook to have it. But it is not yet released anywhere. It is supposed to come out at the end of this yr, so it will be pretty late when it reaches within reach on India.