I have taken the HYD-DEL flight connecting to AA ORD, although on separate tickets just last month. Jet would not check through baggage since this was not a mainline Jet flight (Lite I think, or Konnect)

Even if they would check through I would not be at all comfortable with a 2 hour connection time in Delhi especially in winter when fog delays seem pretty common.

Although connecting in the new terminal is an improvement over the old one, it is still far from being stress free. I have a similar route next week and made sure to leave 4 hours