Actually, Indian markets have moved in a very volatile manner. On Tuesday, the Indian markets moved up even though all the global markets were moving down. That was more because of two reasons. Firstly, there were hopes that the RBI would attempt a rate cut that would be bigger than the 25 bps that most people were expecting. Secondly, traders who were short in sectors like metals, banks and autos rushed to cover their short positions and this short-covering actually took the market higher. 

If you look at the markets on Wednesday, the global markets were flat to positive but Indian markets were deeply in the negative. That was despite the RBI cutting the rates by 35 bps but markets were disappointed that the RBI had also downgraded the growth of GDP from above 7% to 6.9%. In fact, markets interpreted the rate cut as a desperate move by the RBI to boost growth that was lagging. That is what explains the fall in a market wherein all other markets were in the positive.
However, it would not be correct to say that the Indian markets are up because, from a Nifty peak of 12,000, the Nifty is down to around 10,850, which is a correction of nearly 10% after the Union Budget. That is broadly in sync with what other economies in the world have also lost in terms of market cap.