The forward headed home a late equaliser to cancel out Jose Gimenez's goal for the visitor in the El Derbi Madrileno.

Despite half-time substitute Angel Correa controversially seeing red for a push on Antonio Rudiger, Atleti was set for a famous win at the Santiago Bernabeu when Gimenez headed it into the lead with 12 minutes left.

However, 18-year-old Alvaro rose to nod Luka Modric's corner beyond Jan Oblak with five minutes remaining to register his first senior goal for Los Blancos in dramatic fashion.

While Madrid will be relieved to have avoided a surprise defeat it is now seven points adrift of LaLiga leader Barcelona, which could extend that gap to double figures when it visits Almeria on Monday (AEDT).