Rai posted a two-under-par 70 to tie with Bayron, who returned with a 69, on a two-day total of six-under-par 138 in the $300,000 event held at the Wack Wack Golf and Country Club.
Rookies Berry Henson of the United States and Daisuke Kataoka of Japan were a stroke back with South African Jbe Kruger, who finished second three times last year.
Thailand’s Panuphol Pittayarat bounced back from two opening bogeys with a solid 69 to lie in sixth place, two strokes from the leaders.
Rai, 23, was on seven-under after 15 holes but swirling winds threw him off track when he dropped his second bogey of the day on the 16th hole.
“It was hot out there and the wind picked up later in the afternoon. The wind was swirling but I managed my shots well to give myself a chance in the weekend,” said Rai.
Bayron fired four birdies against one bogey with the highlight of his round coming on the 14th hole when his eagle attempt from 97 yards out stopped mere inches from the cup.
He was introduced to the game of golf at the age of 13 when he caddied in a local golf club.
“This is a very difficult golf course and I’m very surprised to shoot six-under after two rounds. Winning on the Asian Tour especially my national Open will be a dream come true,” smiled the 32-year-old.
Henson, 31, continued his rich vein of form.
He was delighted to be in the mix when he made a pivotal up-and-down par save on the 17th hole after his tee shot found the fairway bunker.
“I felt like I escaped with my score. If I can get my putter going, I will be dangerous in the weekend,” said Henson. Thailand’s rising star Panuphol kept his emotions intact after two early bogeys and was rewarded with five birdies as he returned with 69.
“I was frustrated when I bogeyed the first two holes but I tried to maintain my tempo and emotions. My goal was to make the cut but now I’m hoping to finish in the top-five,” said the 18-year-old.
 
Waney leads with 64 at Players
In Ponte Vedra Beach, Florida, Nick Watney, coming off his worst performance in nearly a year, looked better than ever Thursday in The Players Championship with an 8-under 64 that put him atop the leaderboard.
Coming off what he described as a “minor injury,” Tiger Woods looked to be in big trouble.
Nine holes into his first tournament since the Masters, Woods said he couldn’t go on. He withdrew after his highest nine-hole score at this event — a 42 — and had no idea when he might return.
“I’m having a hard time walking,” Woods said.
Watney opened with three straight birdies, didn’t let a double bogey slow his momentum, and finished with his best score ever on the TPC Sawgrass — his previous best was a 68 — to take a one-shot lead over Lucas Glover, the winner last week at Quail Hollow.
The surprise came from 54-year-old Mark O’Meara, who qualified by winning the Seniors Player Championship and who played nine holes of practice rounds with Woods the last two days.
O’Meara finished with a long birdie on the 18th for a 66 in his first round at Sawgrass in eight years.
Davis Toms also had a 66, and he managed to do that without a single bogey on his card.
Watney had not missed the cut since last June when he had rounds of 76-75 for an early departure last week at Quail Hollow. Instead of letting it get him down, he came to Florida to practice and then came out firing.
PGA champion Martin Kaymer, who can return to No. 1 in the world by winning or finishing alone in second, opened with a 67 and became part of the biggest news of the day. He was in the group with Matt Kuchar and Woods, although it became a twosome on the back nine when Woods left.
US Open champion Graeme McDowell also was at 67 along with Rory Sabbatini, Alvaro Quiros and Fredrik Jacobson.