The 2014 Formula One season will kick off under new regulations as turbo charged V6 engines have replaced ear-splitting V8s.
Hulkenberg, who raced for Sauber last season, set his fastest lap in 1:46.030 in Q3, to be seventh, sandwiched between two Toro Rosso cars -- Jean-Eric Vergne (P6) and and Daniil Kvyat (P8).
Perez, who drove a McLaren car in 2013, could no go beyond Q2 and his best lap came in 1:47.293.
"Everything went well today and it was an entertaining session, which I really enjoyed. It was the first time I've driven the new car in the wet, but right away I felt comfortable and confident with a nice balance on the intermediates and the wets," the German said.
"There was a good harmony between me and the car, and the team did a great job helping me manage the traffic. Looking ahead to tomorrow, it really is a step into the unknown for everyone. I think we are well prepared and I'm really looking forward to the race where points will be our target."
"Unfortunately we didn't manage to get a good lap in the wet conditions. It was hard to find clear space with the traffic and I had to pit for new tyres when the track was probably at its best. When I left the pits for my final attempt I locked the rear tyres going into turn three, lost control and could not recover. "
Team Principal Vijay Mallya hoped that Perez would do better in the race, where weather would be a crucial factor.
"I think he will fare better in the race and improve his position because our pace in practice suggests we can be in the fight for points. The weather will surely play a big role, with the chance of more rain showers tomorrow, so we will need to plan for all possible conditions," he said.
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