Sensex, Nifty rangebound; Mid & Smallcap continue to outperform

Moneycontrol Bureau12:59 pm Market Update: The 30-share BSE Sensex rose 10.29 points to 25590.63 and the 50-share NSE Nifty advanced 3.90 points to 7791.30.About 1787 shares have advanced, 979 shares declined, and 120 shares are unchanged on the BSE. The BSE Midcap and Smallcap indices gained 0.6 percent.12:15 pm Siti Cable in News: Essel group firm Siti Cable Network said it plans to raise up to Rs 680 crore through issuance of warrants and optionally fully convertible debentures (OFCDs) to promoter companies."The Board of Directors of the company... approved subject to shareholders' approval issuance of 14,28,57,143 number of warrants convertible at option of the holder in one or more transches... to Direct Media & Cable Pvt Ltd and/or Arrow Media & Broadband Pvt Ltd, entities forming part of promoter/promoter group of the company at Rs 35 per warrant... the total value of warrants shall not be more than Rs 500 crore," the company said in a BSE filing.Also read - Expect massive outflows from China, CMR says after yuan slump12:00 pm Market Check

Equity benchmarks remained directionless in noon trade with the Sensex rising 0.29 points to 25580.63 and the Nifty falling 1.50 points to 7785.90. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices up 0.4-0.7 percent.

The market breadth was strong as about two shares advanced for every share declining on the Bombay Stock Exchange.

Narayana Hrudayalaya was the most active stock on exchanges on first day, up 28.58 percent to Rs 321.45 compared to issue price of Rs 250 apiece.

Growth in India's services firms rose at its fastest pace in 10 months in December as demand picked up, a business survey showed on Wednesday.

The Nikkei/Markit Services Purchasing Managers' Index surged to 53.6 in December from November's 50.1, marking a sixth month above the 50-level that separates growth from contraction.