Real Madrid's midfielder Marco Asensio celebrates after scoring during the Spanish league football match Real Madrid CF vs Valencia CF at the Santiago Bernabeu stadium in Madrid on August 27, 2017. PHOTO: AFP
Asensio, 21, delighted the Santiago Bernabeu with a long- range opening strike but Valencia scored two impressive team goals either side of the break through homegrown youngster Carlos Soler and debutant Geoffrey Kondogbia.
Marcelino's side led with 13 minutes to go, forcing Asensio to rescue Real with a superb free kick in the 83rd minute.
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Madrid missed the presence of their talisman Cristiano Ronaldo and captain Sergio Ramos through suspension but almost stole the three points in the stoppage-time when Karim Benzema's shot was turned on to the post by Valencia goalkeeper Neto.
"We've paid for the intense month we've had," said Real defender Dani Carvajal after his side's fifth competitive game in 20 days. "We had all types of chances and we could have got more from the game but Valencia are very strong opponents and they've taken a point off us."
Valencia coach Marcelino added: "We have to congratulate ourselves for how we played and the result. We leave here feeling very good about ourselves."
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Real Madrid now have four points from two games heading into the international break while Barcelona, Real Sociedad and Leganes won both their opening matches.
Meanwhile Sevilla grabbed a scarcely deserved first win of the campaign by beating Getafe 1-0.
Sevilla, who finished fourth last season, produced another unconvincing display at Getafe and are still finding their feet under Berizzo, but earned the win thanks to a moment of inspiration from Ganso.
The Brazilian was being tightly marked when Gabriel Mercado's cross came his way in the area and he nonchalantly stuck out his right foot to flick the ball into the far corner in the 83rd minute.
Athletic Bilbao earned a first win under coach Jose Angel Ziganda by beating fellow Basque side Eibar 1-0 away and Leganes won 1-0 at Espanyol.
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