The only excuse Sergio Aguero had for clattering an uncharacteristically rash shot into the Manchester City fans behind the goal was the possibility he shared their giddy excitement.

After 24 minutes of the Champions League Group C game against Serie A entertainers Atalanta, Phil Foden had come to the party.

Slipping into a pocket of space in the right channel – the same area of the field from which he tormented the Austria defence for England Under-21s seven days ago, a passage that ended in a robust body check and a viral social media clip – Foden sauntered brilliantly around grizzled centre-back Andrea Masiello to leave a chance on a plate for Aguero.

It was silver service where there is normally Silva service in these parts. Foden is being groomed to be their heir to David Silva when the great Spanish playmaker leaves at the end of this season. Plenty of times during a riotous 5-1 win, the 19-year-old's silken touch suggested all the tools are there.

However, after providing plenty to purr at as he and Ilkay Gundogan effortlessly pulled the midfield strings during the second half came the impetuousness of youth and an avoidable red card. This denies Foden the chance to sharpen his talents in the return game next month.

It is tempting to wonder to what extent it might influence Pep Guardiola's trust, which has not always felt as forthcoming as he claims.

"Absolutely not will I fine him," the City manager replied when asked after the match whether Foden will be financially punished for his indiscretion. "Maybe I have to pay him for how well he played. The important thing for Phil is not the red card, it is the way he played."

Before being selected from kick-off against Atalanta on Tuesday, 90 of Foden's 102 competitive minutes in a City shirt this season had come in an EFL Cup tie at Preston North End.

Guardiola might call the boyhood City fan one of the most talented players he has ever seen but talk is far cheaper than the £500million price tag he would apparently not consider as a worthwhile bid for Foden.

Atalanta shaded the frenetic early stages and led through Ruslan Malinovskyi's penalty shortly after Foden's fleet of foot brought the home crowd to their feet.

Visiting boss Gian Piero Gasperini is an admirer of Guardiola and the sight of his two nimble number 10s Alejandro Gomez and Josip Ilicic squaring up to City's midfield two at centre-back – Rodri and Fernandinho – felt like something two of football's stylistic romantics might have dreamt up together.

However, Gasperini was becoming increasingly exasperated by the manner his side, who let a 3-0 lead slip to draw 3-3 at Lazio on Sunday, were neglecting the most familiar footballing trait of their homeland.

Aguero was in no mood to pass up further chances and gobbled up a floated 34th-minute delivery from Raheem Sterling, who was once again City's star performer.

Masiello, a well-worn 33-year-old central defender who looks to have been reared on boots and knees to the head along with slide tackles in gravel, was spared by Gasperini at the break. He scythed emphatically through Sterling for the penalty from which Aguero put City ahead for the first time.

The second-half became the Raheem Sterling Show, but Foden was at least co-producer alongside the immaculate Gundogan.

In the 58th-minute, Kevin De Bruyne looked to give the Etihad Stadium the goal it craved by picking out Foden eight yards from goal. A deft touch and body swerve demonstrated clarity of thought as the midfielder laid on Sterling to gleefully thrash into the roof of the net.

More economical play from Foden allowed Gundogan to present Sterling with a throughball he would probably like to swap phone numbers with a become best friends. The winger skipped inside Rafael Toloi and made no mistake.

An 11-minute hat-trick was completed from Riyad Mahrez's inviting cross, City recycling possession after Foden's chipped pass ended with Atalanta goalkeeper Pierluigi Gollini saving from Aguero.

The local hero was at home and revelling, to the extent his first booking for a foul on Malinovskyi barely registered. Crucially, it did for referee Orel Grinfeld and despair followed when Foden pulled at Marten de Roon with eight minutes to play.

"There are things still where he is far away from David, far away from Gundogan and far away from Kevin. But that's good," Guardiola added. "He has to live this situation, to understand with a yellow card to be careful."

No one ever said growing up in public was easy.