Patna's Aman Raj and Chandigarh golfer Sujjan Singh ended the day in joint second with scores of six-under-65.
Sharma, a winner of two titles this season and also a top contender in the 2016 Rolex Ranking race, began his campaign at the penultimate event of the season with a bang.
The 20-year-old, currently in fourth place in the Rolex Ranking, had a slow start to his round as he was one-over through eight holes.
Sharma's purple patch began on the par-5 ninth where he sank an eagle from four feet. The next four holes saw him drain birdie putts from a range of six to 12 feet. The three-time winner on the PGTI produced a final flourish with birdies on the last two holes.
Rookie Aman Raj, who chipped-in from 30 yards for an eagle-two on the fourth, made the turn at a promising five-under.
Aman, currently second in the PGTI Emerging Player of the Year race behind Gurgaon's Veer Ahlawat, shot a one-under on the back-nine to stay in touch with the leader.
Sujjan had another eagle chance from 10 feet on the fourth but two-putted to salvage a birdie there. The bogey on the sixth was a minor blip for Sujjan as he added three more birdies on the back-nine.
Noida's Gaurav Pratap Singh, Angad Cheema of Panchkula, Chandigarh's Abhijit Singh Chadha and Delhi's Himmat Singh Rai occupied joint fourth place at five-under-66. Rolex Ranking leader Shamim Khan of Delhi fired a three-under-68 to be tied 13th.
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