Sehwag, who struck back-to-back centuries in the just concluded two-match Test series against South Africa, jumped five places for the No.1 position. Sehwag shot up 52 rating points.
Gambhir's lacklustre form in the series against South Africa saw him drop four places to fifth position.
Another big mover was Hashim Amla, who climbed eight places to occupy the second position. Amla had a phenomenal series against India, scoring 490 runs with two centuries and one double-hundred and getting out only once. The South African middle order batsman, who was the man of the series, is 21 rating points behind Sehwag.
Sri Lankan Mahela Jayawerdena and Kumar Sangakkara were pushed to third and fourth places.
In the bowling charts, Harbhajan Singh after his spectacular performance in the second Test at Eden Garden, where he claimed eight wickets, jumped five places to seventh position.
South African Dale Steyn maintained his top position with a stellar show in the first Test in Nagpur where he got 10 wickets.
Australian Mitchell Johnson and Pakistan's Mohammad Asif are placed second and third.
India's Zaheer Khan remained at sixth position.