Chasing a 190-run target, Madhya Pradesh overcame two early jolts to chase down the required runs in 45.3 overs.
The hosts earlier shot out Punjab for 364 as the two overnight batsmen -- Sandeep Sharma (28) and Baltej Singh (8) could resists the home bowlers for just 5.1 overs.
Punjab, who were following on, had began the day at 354 for eight at Captain Roop Singh Stadium.
MP's chase was not ideal as they lost opener Naman Ojha (0) and Anand rajan (6) inside the first five overs.
Paceman Sandeep Sharma had Ojha caught behind in the fifth ball of the innings and then he trapped Rajan in his third over.
Saxena and Bundela though batted well to steer the side to a comfortable victory.
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Bundela's 100 came off 132 balls with the help of 11 fours and five sixes.
Saxena faced 120 balls in his unbeaten knock and helped himself with 10 boundaries including two sixes.
Brief Scores:
Madhya Pradesh: 323 and 193 for 2 in 45.3 overs (D Bundela 100 not out, J Saxena 72 not out; S Sharma 2/39).
Punjab 148 and 364 (f/o) in 97.1 overs.