Doesn't look like it would be possible. (See the extract below)

TWOV (Transit Without Visa):

Passengers with a confirmed onward ticket for a flight to a third country within 24 hours. They must stay in the international transit area of the airport and have documents required for the next destination.

Nationals of India with a confirmed onward air or cruise ticket to a third country within 96 hours under the Visa Free Transit Facility (VFTF). They must:
- have an entry visa issued by Australia, Canada, Germany, Japan, New Zealand, Switzerland, USA or United Kingdom valid for a minimum of one month, and
- have documents required for the next destination.

Nationals of India with a confirmed onward air or cruise ticket to a third country within 96 hours under the Visa Free Transit Facility (VFTF). They must:
- have a used single-entry visa issued by Australia, Canada, Germany, Japan, New Zealand, Switzerland, USA or United Kingdom, and
- be returning from the country that issued the visa, and
- continue to their country of residence, and
- have documents required for the next destination. Information: To confirm if a visa issued by the USA has been used, it can be verified at https://tinyurl.com/5dnr2eav .

Warning:
Transit without visa does not apply when traveling between China (People's Rep.), Hong Kong (SAR China) or Macao (SAR China).