Panchal pocketed 17 fours in his patient knock before Manpreet Juneja struck an unbeaten 50 towards the end of day.
Juneja was batting alongside Rush Kalaria at close of play.
Irfan Pathan, returning to action after a long lay off, picked up two wickets for Baroda and was the pick of the bowlers.
Smit Patel (57) gave his opening partner Panchal good support as they shared a 119 run partnership.
Brief scores: 281/4 in 85 overs (Priyank Kirit Panchal 128 batting, Manpreet Juneja 50 battng; Irfan Pathan 2/30).
