Whenever i hit ⌥ or ALT when I boot up my Mac only the Boot Option "Mac Hard Drive" shows. "Mac OS X Base System" or "Recovery 10.9.1" doesn't show up. Can someone help me on this? Do i need to make a recovery drive or something?
I never saw Base system on any of my Macs since 2008. Recovery partition is not created in all cases (for example, if you used PGP WDE or other disk encryption software or you installed your OS from the USB key created by a Disk Utility). You may recreate a recovery partition though. See http://hints.binaryage.com/recover-lost-recovery-hd-for-filevault/ (too long to quote here).
Do you have FileVault 2 enabled? If you do, the Recovery HD volume is not listed in the screen shown when you hold option at startup. You can start up from the recovery partition by holding command-R though. See http://support.apple.com/kb/HT4811 (OS X Lion: Using FileVault 2 and Lion Recovery).