Dean Smith’s first game in full-time charge of Walsall ended in gallant defeat as the Saddlers lost at Exeter.

A fine performance failed to deliver at least a point after Smith’s men spurned a number of golden opportunities.

It kept them bottom of League One but the manager would have been encouraged with the fighting display from his side.

Goalkeeper Jimmy Walker’s penalty save and Julian Gray’s close range effort set up a grandstand finish, after Richard Duffy’s early goal and Daniel Nardiello’s 76th minute effort put the Grecians in charge.

Nardiello was denied by Walker from the spot on 80 minutes, after Aaron Lescott had brought down John O’Flynn.

Midfielder Matthew Gill was handed an instant debut after his loan move from Norwich, while Walker and Richard Taundry returned after injury.

But the changes failed to ignite the visitors and they fell behind after just four minutes.

The Saddlers failed to clear an Exeter free-kick and the ball was worked to Steve Tully on the right, who crossed low for Duffy to take one touch at the far post and rifle beyond Walker.

For new manager Smith it was the worst possible start, but they almost hit back after eight minutes when Tully whipped the ball off Gray’s toes after Jonathan Macken’s sharp cross.

Macken was then inches away from connecting with Taundry’s cross-shot as the Saddlers rallied – helped by the Grecians’ lax passing.

Gray, in particular, was lively and had the beating of Tully more than once.

Jamie Cureton was also causing problems for the Saddlers defence and his scuffed long-range effort was easily gathered by Walker on 22 minutes.

Alex Nicholls then fired wide with the game on a knife edge before Gray shot over just after the half hour.

Exeter were struggling to threaten the Walsall defence, who had settled after an uneasy start, but Cureton drilled one across the face of goal on 36 minutes after escaping Andy Butler’s attention.

And the striker should have made it two 60 seconds later after latching onto Liam Sercombe’s ball and racing through, but blasted low past Walker’s right post.

Despite Cureton’s chances, the Saddlers had been more than a match for their hosts and their patient possession warranted more.

There was a distinct lack of belief going forward, despite Walsall’s build-up play – but they should have been level 30 seconds into the second-half.

Gray burst down the left and delivered a peach of a ball for Taundry, but the midfielder put his first time volley wide from six yards.

The 21-year-old should have scored and forced debutant goalkeeper Ben Hamer into another save 10 minutes later.

The Reading loanee was again in action just after the hour, plucking Gill’s header out of the air after Gray’s flighted cross.

Walsall were then punished for their profligacy on 76 minutes when Nardiello skipped onto David Noble’s slick free-kick and rolled into the corner from eight yards.

Four minutes later, the Saddlers survived conceding a third when Lescott brought down O’Flynn in the area after a quick Exeter break.

Referee Bobby Madley awarded the spot kick, but Walker flung himself to his left to palm away Nardiello’s kick.

It set up a big finish, as Gray bundled in four minutes from time after Hamer saved Will Grigg’s low effort.

The Saddlers piled forward and Grigg shot straight at Hamer with two minutes to go – their golden chance – as they failed to find the equaliser.