After a scoreless first half, Newell's struck first in the 54th minute when Pablo Perez converted Maxi Rodriguez's assist.
It seemed as if Alfredo Berti's men would pick up their third consecutive win until Leandro Desabato popped up on 92 minutes to steal a point for Estudiantes.
Despite the draw, Newell's moved to 11 points with Argentinos Juniors, Colon and Gimnasia La Plata one point behind.
Argentinos also had a draw with their game finishing 0-0 against Arsenal while Gimnasia La Plata and Godoy also finished goalless.
Ruben Ramirez's brace powered 10-man Colon to a 2-1 triumph over Rosario Central.
It only took until the 28th minute for Ramirez to snatch the lead for his side before Rosario's Sebastian Abreu levelled the contest from the spot after Colon's Bruno Urribarri was given a straight red card on 41 minutes.
Even with the disadvantage, Colon still worked hard to create chances on the break and in the 79th minute, Ramirez weaved his way between two defenders before being brought down in the penalty area.
Ramirez's spot-kick was saved by Rosario goalkeeper Mauricio Caranta but the 30-year-old smashed the rebound into the empty net.
Belgrano recovered from a two-goal deficit to defeat Atletico Rafaela 3-2.
First-half strikes to Rafaela's Cristian Canuhe and Andres Rodales established the lead for Belgrano before Ezequiel Maggiolo salvaged a goal for Belgrano in the shadows of half-time.
Maggiola's second goal tied the contest just after the restart and Luciano Lollo completed the fightback to put Belgrano in front in the 68th minute.
Rafaela imploded after conceding the lead with Federico Gonzalez given a straight red card on 73 minutes.
In other matches, Lanus thrashed Olimpo 3-0, San Lorenzo overcame River Plate 1-0 and Boca Juniors defeated Velez Sarsfield 2-1.
All Boys won 1-0 against struggling Racing Club and Tigre won by the same score-line against Quilmes.
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