If there was no air resistance (or any other effects from variation of the density of the Earth’s core), the ball would leave your hands, accelerating towards the centre of the earth – and will keep accelerating until it reachest it’s maximum velocity as it passes the centre of the Earth. Once it passes that point, it would start decellerating – and would reach a stop at the other side of the earth – it would then accelerate back towards the centre of the Earth, and so on and so forth – simple harmonic motion!