Punjab ended the day two at 243 for no loss after bundling out the visitors for 258.
The day belonged to Punjab as they first took the remaining three wickets of the rivals and then the two openers put on a dominating show with an unbroken 243-run stand.
Resuming the day at 244 fo seven, Hyderabad could add just 14 runs to the total before folding.
Manpreet Gony, who was highest-wicket taker for Punjab with a four-wicket haul, sent back overnight batsman Pragyan Ojha (4) in the second over of the day.
Sandeep Sharma then trapped the other overnight batsmen Ibrahim Khaleel (41) and Anwar Ahmed in successive balls to end the Hyderabad innings.
Punjab openers then carried on with the good work of the bowlers with some splendid batting.
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Jiwanjot took 267 balls for his 116, which contained 19 boundaries while left-handed Karan faced 229 balls for his 106.
Karan's knock as studded with 12 fours and two sixes.
Brief Scores:
Hyderabad: 258 all out in 96.3 overs (Akshat Reddy 63, I Khaleel 41; Manpreet Goby 4/60, Sandeep Sharma 3/45).
Punjab 1st innings: 243 for 0 in 81 overs. (Jiwanjot Singh 116 batting, Karan Goel 106 batting).