Smith, dropped on 53, demonstrated the route as the Australians constructed the establishments for a tough first innings in the wake of winning the hurl.
At the nearby before a first day Gabba horde of more than 26,000, the home side were 288 for three with Smith on 110 and Handscomb, playing in just his second Test coordinate, not out on 64.
Smith raised his sixteenth Test century with a determined four off Mohammad Amir with three overs left in the day. It fell off 184 balls with 15 fours.
The combine put on an unbroken remain of 137 keeps running for the fourth wicket after youthful opener Renshaw contributed with a great 71 likewise playing in his second Test.
Smith was put down on 53 nearing the supper sever when an edge spinner Azhar Ali went all through wicketkeeper Sarfraz Ahmed's gloves.
Smith and Handscomb batted through the whole last session when most wickets factually tumble in pink-ball Tests under the lights to place Australia in a solid position.
Pakistan dreaded they may have lost their star pace bowler Mohammad Amir after he tumbled to the ground in the last session grasping his correct knee after a misfield.
Amir jostled his knee after his correct leg dove into the turf as the ball kept running on to the limit rope.
He was carried off the ground by a medi-taxicab, yet surprisingly came back to the field 30 minutes after the fact and went ahead to complete the session knocking down some pins with the second new ball.
It was an immense alleviation for the voyagers after it evoked recollections of England quick bowler Simon Jones cracking a foremost cruciate tendon in a comparable handling disaster at the Gabba in 2002.
Chief Misbah-ul-Haq and his Australian partner Steven Smith hold up to enter the ground before their Test. ─AFP
Australia lost the wicket of Renshaw in the center session after the expulsions of David Warner and Usman Khawaja in the opening session.
Renshaw did not put a foot wrong in a guaranteed innings until the 44th over when he was gotten behind off Wahab for 71 off 125 balls with nine fours.
The youth took a gander calm in his home ground Test coordinate and was on course for his lady Test century before Wahab struck.
It was reward for Wahab, who was Pakistan's best performing bowler, keeping up a tight line and surrendering few runs.
Pakistan hit with two fast wickets in the principal session after openers Warner and Renshaw gave Australia a strong begin.
Amir had Warner leg before wicket for 32 after the Australian bad habit commander was struck on the cushion on leg stump in the 24th over.
Warner was given out by English umpire Ian Gould and did not look for an audit, consummation an opening stand of 70.
Amir is in the principal year of his arrival to global cricket taking after a five-year boycott over spot-settling, an outrage which practically finished his thriving vocation.
Khawaja, falling off his man-of-the-match 145 in a month ago's day-night third Test in Adelaide against South Africa, endured only six balls before he was out to a false stroke to leg-spinner Yasir Shah.
Khawaja progressed down the wicket however hit straight into Misbah-ul-Haq's waist at short midwicket and was headed for four.
Steve Smith (capt)
Umpires: Ian Gould (ENG) and Richard Illingworth (ENG)
Third umpire: Sundaram Ravi (IND)
Coordinate ref: Ranjan Madugalle (SRI)