Concept:
This question tests the chronological understanding of major Indian sculptures ranging from Buddhist art to medieval Hindu cave sculpture.
Step 1:
B. Apsara, Sanchi
The sculptures at Sanchi belong mainly to:
\[
2^{nd}-1^{st} \text{ century BCE}
\]
Thus, the Apsara of Sanchi is the earliest among the given works.
A. Ashokan Portrait, Sannati
The Sannati sculptures belong approximately to the:
\[
1^{st} \text{ century BCE / early CE}
\]
making them later than Sanchi.
E. Maheshamurti, Elephanta
The famous Trimurti (Maheshamurti) at Elephanta belongs to:
\[
6^{th} \text{ century CE}
\]
It represents mature Shaiva cave sculpture.
C. Nataraja, Badami
The Badami cave sculptures belong to:
\[
6^{th}-7^{th} \text{ century CE}
\]
slightly later than Elephanta.
D. Ravan lifting Mt. Kailash, Ellora
The Ellora Kailasanatha sculptures belong to:
\[
8^{th} \text{ century CE}
\]
making them the latest among the given examples.
Step 2:
From earliest to latest:
\[
B \rightarrow A \rightarrow E \rightarrow C \rightarrow D
\]
Step 3:
This sequence corresponds to:
\[
\boxed{\text{Option (4)}}
\]
Step 4:
These sculptures collectively demonstrate:
• Development of Buddhist narrative art
• Rise of Hindu cave sculpture
• Evolution of Shaiva iconography
• Transition from early historic to medieval Indian art
Step 5:
Therefore, the correct chronological sequence is:
\[
\boxed{B, A, E, C, D}
\]
Hence, the correct answer is:
\[
\boxed{\text{(4) B, A, E, C, D}}
\]