I am an Indian citizen on a short term study visa to the UK and intend to visit Norway on one of the weekend of my month long stay in the UK.
What are my chances of getting the Schengen visa (the short term study visa I have is a multiple entry visa)?

46%, but I would read the official information on requirements and see if you satisfy then if I were you.

>>What are my chances of getting the Schengen visa<<

No one here could possibly know. Apply and find out.

For me to apply, I need to book the hotel and flight tickets. And if I don't get the visa, these tickets arent refundable.

Then book refundable rates which are both available for air and hotel. With such uncertainty there is no point to book nonrefundable travel.

Buy refundable - when you get the visa then cancel and buy the cheap tickets.

The cheap tickets and room rates might not be available once you get the visa, so make sure they are before you cancel and rebook.

For a visa application I believe the booking must be fixed and paid for, not refundable - the whole idea is that they know where you will be staying and for how long, so you don't cancel the booking and go off to somewhere untraceable.

I honestly think, given the timeframe, you are very unlikely to get a visa.

https://www.udi.no/en/want-to-apply/visit-and-holiday/
The official information here suggests that you are unlikely to get a visa for a tourism visit.
Doesn't mention anything about hotel booking not being cancellable, just that you require booked accommodation for the first few days. Normally a booking directly with a hotel is cancellable
You need funds equivalent to NOK 500 per day and strong ties to home country making it clear that you will return home.

Since you have to use the horsecrap vendor VFS Global for this visa, there is no chance you will get it. VFS Global will get their $92 processing fee, though.