Ojha's fourth century of the season and his 207-run partnership for the second wicket with Saxena put the hosts in a strong position at the Holkar Stadium.
Ojha hit an attacking 231-ball 154 laced with 12 fours and eight towering sixes, while Saxena's unconquered 265-ball 157-knock was decorated with 21 fours and two sixes.
Saurashtra bowler Abhishek Bhatt struck in the tenth over with the wicket of Satyam Choudhary (11).
Jalaj's hundred was the seventh of his first-class career and Ojha scored his 13th to take Madhya Pradesh past 300.
At stumps, Mohnish Mishra (6 batting) was giving company to Jalaj.
Brief Scores: Madhya Pradesh 342 for two in 88 overs (Jalaj Saxena 157 batting, Naman Ojha 154; Abhishek Bhatt 1/54).
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