Jim Jefferies men finished third in the SPL last time out and in the 16th minute they got the opening goal their first half play deserved when David Obua headed home from a Danny Grainger corner kick.
The visitor’s held on to their advantage until half time but after that the Light Blues improved and on 56 minutes Steven Naismith pulled one back, again with an accurate header, but the SPL champions couldn’t make their second half dominance count.
McCoist made one change to his team that faced Blackpool with Sasa Papac back in, taking the place of Davie Weir who was suspended.
Steven Davis wore the captain’s armband and he featured on the right side of midfield with Lee McCulloch and Maurice Edu in the centre.
Juan Manuel Ortiz made his first appearance in front of his home fans on the left flank with Steven Naismith playing just off Nikica Jelavic up front.
And new signing Lee Wallace was on the bench but was given a warm reception as the teams warmed up ahead of the big game.
Prior to referee Calum Murray’s first whistle Craig Whyte brought every Bluenose in the stadium to their feet when he unfurled the championship flag with the Ibrox surface in immaculate condition and the sun shining brightly as it always seems to be on flag day.
Fireworks and flameboxes also added a bit of pizzazz to the Chairman’s big moment but in the first half Hearts showed that they had not travelled to Ibrox simply to be guests at the party.
As expected the match began at a frantic pace and after just 20 seconds a nervy left foot clearance from Marian Kello rebounded off Jelavic and fortuitously back in to the Slovakian’s arms.
And with not even a minute on the Ibrox scoreboard’s David Templeton found himself in a good position 20 yards out and his deflected shot went wide of Allan McGregor’s goal in front of the Copland Road Stand.
It was entertaining stuff and it was not long before Jelavic got in on the act.
Steven Whittaker’s inswinging cross was controlled on the chest by the Croatian star but his acrobatic effort failed to trouble Kello on this occasion.
The new Gers no 9 then was then through on goal but the Govan Stand linesman had already raised his flag when Davis played his pass to the dismay of the Ulsterman.
On five minutes Jim Jefferies had to shuffle his pack when former Ibrox defender Andy Webster limped off with an injury, the Scotland’s star’s luck doesn’t seem to have improved at his new club.
But despite having to regroup the visitors took a shock lead and it was a poor goal to concede for the Champions.
A dangerous corner from Hearts new boy Grainger found Obua unmarked on the penalty spot and the Ugandan angled his header in to the net giving McGregor no chance.
After breaking the deadlock the Gorgie side kept pushing forward as opposed to sitting on their advantage with a John Sutton shot skimming off Madjid Bougherra’s leg before going wide and McGregor had to dart from his line to make an excellent save from the lively David Templeton.
It was all a bit too easy for the Tynecastle man at the half hour stage and when Obua rippled the side netting from eight yards, having been played in by Templeton, the Ibrox faithful soon let the players know that they had to get out of first gear, and quickly.
There was, however, to be no improvement before the half-time whistle although an excellent last ditch challenge from Ian Black denied Naismith who was almost certain to score from six yards out following a Jelavic knock down.
As both teams walked up the tunnel few could have argued that Hearts deserved their lead with Kello not having to make a save in the opening period.
But from the restart Rangers immediately set about finding a leveller and on 47 minutes a corner from Davis was nodded down by Broadfoot but Marius Zaliukas booted the ball clear.
It was better from the home side and in the very next attack Kello had to make his first stop, diving to his right to stop a Davis shot after great link up play again from Jelavic.
Next up it was Naismith’s turn to push in to the last third and he had two great chances initially to get his side back in to the game.
The first arrived when Ortiz cut in from the right and his intended pass for Jelavic made his way through to Naisy who took his shot early but blasted over.
Ortiz was again the creator moments later when his excellent front post cross was matched by Naismith’s run but the ball appeared to come off his shoulder before it went out for a goal kick.
On 56 minutes Hearts eventually cracked and it was Naismith who made amends for his previous misses.
Papac won the ball brilliantly on the half-way line before bursting down the left wing.
His first cross was blocked but his second was a peach and it was Rangers’ no 14, who was now making his trademark runs in to the box at will, that gleefully headed the ball in to the net with Kello rooted to the spot.
The goal seemed to dent Hearts’ confidence and gone was the threat the likes of Sutton posed in the opening 45 minutes.
Obua, however, did test McGregor with a terrific left foot drive which McGregor had to palm away from his top corner.
As the clock ticked down Gregg Wylde went on for Ortiz and his pace was a concern for the Hearts backline in the latter stages of this pulsating match.
Rangers, however, could not get the second goal they were after and although Papac should have scored at the death the 1-1 scoreline will be a massive boost for the Edinburgh side as they bid to challenge the Old Firm at the top of the SPL this season.
Tennent’s Man of the Match: Steven Davis