Shares of Kotak Mahindra Bank ended with gains of close to 2 percent on Monday after the lender saw three straight days of decline, in-line with the fall in the market.

Share Market Live

NSE

Sources within the dealing rooms tell CNBC-TV18 that the stock is seeing a relief rally after its recent underperformance. Over the last month, the stock has declined close to 4 percent, compared to a 2.5 percent drop in the Nifty Bank index.

Dealers also indicated that a large block sale from a leading FII has been called off, which may also have triggered this relief rally.

Pullback From Lows

Benchmark indices, the Sensex and the Nifty 50 ended with gains of a percent each to start the week on a positive note. The gains were led by technology names, following the rally on the Nasdaq on Friday. The Nifty IT index ended 3 percent higher.

Dealers also indicate that flows were mixed at the FII desk today with small ETF buying seen. Metals were the other gainers in today's session on the China open-up trade and the US Dollar index cooling off.

The Nifty 50 index is stuck in a range of 17,800 and 18,300, according to dealers.

Besides Kotak Mahindra Bank, here are some other stocks that have been part of the dealing room chatter today:

Power Grid: Shares of the power company ended higher on Monday after a three-day fall. A large block of 2.4 crore shares exchanged hands in today's trading session. Dealing rooms suggest that a leading long-only fund is likely to be the seller in this transaction.

Laurus Labs: Shares of the Pharma company are oscillating between gains and losses in alternate sessions from December 30. Before that, the stock had declined for six days in a row. The stock recently made a 52-week low of Rs 368.65. The stock gained today after a large trade in which 10 lakh shares exchanged hands. Dealers indicate that this may be a clean out trade from the seller.

Redington India: The stock ended with modest gains on Monday with dealing rooms telling CNBC-TV18 that there was some buying traction witnessed in the stock at a leading FII desk. The stock is trading close to its 52-week high of Rs 202.