After mopping up India's brittle tail in less than 30 minutes at the Oval on Friday morning, openers Zac Crawley and Ben Duckett raced to 0-92 in 12 overs in a blistering return of Bazball tactics.
However, continuing the back and forth theme of the entire series, India responded as their bowlers ran in relentlessly to peg England back to 247.
Opener Yashasvi Jaiswal then scored quickly in a potentially awkward last 90 minutes, ending unbeaten on 51 with India closing on 2-75, 52 runs ahead.
Another fabulously undulating day began with India resuming at 6-204 but soon skittled for 224 as pace bowler Gus Atkinson took five wickets in his first Test since May.
It was an all-too-familiar collapse by the tourists this summer as Karun Nair fell lbw for 57 and Washington Sundar was caught for 26. Atkinson then bowled Mohammed Siraj and had Prasidh Krishna caught behind, both for ducks, to finish with 5-33.
England, 2-1 up in the five-Test series, set about their reply in swashbuckling fashion, exemplified by Duckett's extraordinary reverse hook for six off Akash Deep.
They reached 50 in seven overs - the fastest 50 opening partnership for England in a Test - but fell just short of the 100 as Duckett was caught behind reversing for 43.
They were 1-109 at lunch and looked poised to take command but India, as they have all summer, refused to buckle as Crawley (64) and Ollie Pope (22) quickly departed.
Joe Root brought calm to proceedings until Siraj nipped one back at him for an lbw on 29, with Jacob Bethell going the same way soon after.
Krishna finished off the session by having Jamie Smith brilliantly caught in the slips for eight by KL Rahul then getting Jamie Overton lbw for nought and followed up with the wicket of Atkinson to finish with 4-62.
Harry Brook had a late flurry either side of a rain delay before becoming Siraj's fourth victim when bowled for 53. England, with injured Chris Woakes absent, were all out for 247.
India's openers quickly erased that lead, with Jaiswal looking particularly enterprising en route to a quickfire 51 - though he was badly dropped in the deep on 40.
Rahul departed tamely for seven off Josh Tongue, and Sai Sudharsan followed, lbw to Atkinson for 11, leaving Deep not out four.
With good weather forecast for Saturday, another Oval full house will turn up in expectation of more fireworks in what has been one of the most entertaining series for years.
England's batting coach Marcus Trescothick said the match was finely balanced.
"There was lots of positive cricket. We put them under pressure but they fought back pretty well and it sets it up nicely for tomorrow," he said.
Of England's scintillating opening stand, he added: "When pitches are like this, we want to put pressure back on the bowlers, using your feet, not playing conventional cricket. Success comes from being inventive, brave. It worked well but then we lost a couple of wickets."
Trescothick said that the rare sight of Root appearing to lose his cool was the response to a comment seemingly made by Krishna.
"India tried a different approach," he said. "They've seen him play so well in this series they've tried to get after him and spark him up," he said. "Normally he's the sort of guy who laughs and giggles but today he chose a different route."
