The 29-year-old seven-time winner on Asian Tour had six birdies against no bogeys but was still three shots behind the sole leader, local prospect Rattanon Wannasrichan who shared the lead with Janne Kaske of Finland after scintillating rounds of nine-under 62 each.
Two shots behind them was Panuphol Pittayarat of Thailand.
Of the 13 Indians in the fray, Himmat Rai (69) was T-21, while Shiv Kapur, Khalin Joshi and rookie Arjun Prasad were T-32 with 70 each.
Bhullar was the toast among the Indians.
"The game's feeling good. I hit the ball very good and I gave myself a lot of birdie opportunities out there. I putted very well too," he said.
"I holed about four to five crucial putts which helped. I started pretty solid. I birdied the first and third hole so that gave me a lot of confidence and some momentum heading into the round."
The 21-year-old leader Rattanon needed only 20 putts as he had 12 consecutive one-putts from the 16th hole after he started his round from the 10th hole.
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