Resuming at 243 for no loss, the hosts scored a mammoth 565 for six declared as Jiwanjot (213) became only the fifth Indian to score a double hundred on debut.
The hosts then reduced Hyderabad to 46 for three in their second innings to be seven wickets away from an outright win with a full day at their disposal.
Young Punjab medium pacer Siddarth Kaul took all the three Hyderabadi wickets to fall. The visitors had scored just 258 in their first innings.
Punjab dominated the proceedings on the third day as well as Jiwanjot, who will turn 22 on Tuesday, batted splendidly after resuming at his overnight score of 116.
His opening partner Karan Goel (129) though could add only 23 runs to his overnight total.
Jiwanjot scored at a brisk pace today, scoring 213 runs off just 368 balls. He struck 33 boundaries before being bowled by Pagadala Naidu.
Jiwanjot and Goel added 288 runs for the first wicket before Hanuma Vihari had the latter caught behind to break the stand. More