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City's Bernardo Silva and Mateo Kovacic both misfired in the shootout to put Madrid in the driving seat.
Federico Valverde salvaged a draw for Real late on after City had taken a 3-2 lead with sumptuous strikes from Phil Foden and Josko Gvardiol following a Ruben Dias own goal and Rodrygo strike that gave the hosts a half-time lead in Spain's capital.
The 10-day series will feature three games in Rawalpindi and two games in Lahore.
Titans were bowled out for 130 in 18.5 overs in their chase of 164.
Shashank smashed an unbeaten 61 off 29 deliveries, while Ashutosh slammed a 17-ball 31 as PBKS chased down the 200-run target with one ball to spare.
Paris St Germain, who are seeking their first Champions League title, will take on Barcelona while Atletico Madrid face Bundesliga side Borussia Dortmund, which means all three Spanish teams have the opportunity to reach the semifinals.
New Zealand, chasing a first home win over their neighbours in 31 years, had put the tourists on the back foot with four wickets in the last 90 minutes of play on day three.
Australia need 202 runs more with six wickets in hand at the end of day three of the second Test.
After 14 wickets fell on day one and seven more before tea, Williamson and Tom Latham had hit the pause button on a frenetic match with a partnership of 105 that erased Australia's first-innings lead and put the home side ahead.
Hazlewood's inexorable line and length, just on off stump and ducking away, was too much for the New Zealand top order.