Please note that Baleno has an engine with hydraulic lash adjusters for automatic tappet adjustment. i.e. it does not require regular tappet adjustment as the hydraulic lash adjusters between the cam and the valve spring adjust automatically. please note that these hydraulic lash adjusters adjust with oil pressure in the engine and they also have a small spring in them, when the oil pressure is low and springs are week they make a sound of TIk TIK as you are hearing from your engine.
The sound is less in the cold morning as oil is thick and thus provides the cushion in hydraulic lash adjusters.
Now the best thing to do is get these hydraulic lash adjusters replaced with new ones and also get your oil pump replaced. Note that both these procedures can be done without taking the engine out of the car. The mechanic will open the oil pan and replace the oil pump and he will open the tappet cover remove the overhead cam and timming belt replace the hydraulic lash adjusters. However the mechanic may feel that it is easier to remove the complete engine and replace the parts.