Markets made new life highs on Wednesday before turning volatile and ending in negative. The Sensex hit 56000 for the first time but profit booking in second half of trading session and weekly F&O expiry dragged the index. The 30-share index ended at 55,629.49, down 162.78 points or 0.29%. The Nifty closed at 16,568.85, down 45.75 points or 0.28%.