The Rs 1.6 lakh crore trader: How a Gurgaon-based high-frequency firm quietly dominated India’s intraday market in 2025

A high-frequency trading (HFT) firm located in Gurgaon has rapidly risen to prominence as a major player in India's intraday cash market. Graviton Research executed at least 1,900 intraday trades valued at Rs 1.6 lakh crore during 2025, according to an analysis of NSE bulk deal data by Moneycontrol. This highlights the firm's significant growth, which has occurred largely unnoticed by the public.

The average trade size was approximately Rs 85 crore. Out of the 1,900 bulk deals, 458 exceeded Rs 100 crore. The actual trading volumes are likely even larger, as the analysis only included transactions disclosed under stock exchange bulk deal reporting. Exchange rules classify trades as bulk deals when more than 0.5 percent of a listed company's equity changes hands in a single trading session.

**Market Share Surge**

Graviton's increasing influence is evident in its market share. The NSE recorded around 17,500 bulk deals throughout the year, meaning that Graviton accounted for over 10 percent of all such transactions. In terms of value, total bulk deals on the exchange amounted to Rs 6.8 lakh crore, giving Graviton a substantial 24 percent share. These figures are significant considering the presence of over 12,000 large foreign funds and thousands of wealthy proprietary traders who engage in large block trades.

The firm has primarily focused on mid- and small-cap stocks, with limited activity in large-cap stocks. Market participants suggest this strategy has both advantages and disadvantages. While substantial cash-market trades in smaller stocks can improve liquidity, they can also increase volatility, raising impact costs for other investors.

**Profitability and Scrutiny**

Further data analysis reveals two additional trends: success rate and profitability. Graviton achieved profits in over 90 percent of the 458 trades exceeding Rs 100 crore. In contrast, retail investors typically have success rates of 30–50 percent. Despite this high success rate, the spreads captured by the firm were narrow. Profits from these large trades totaled just Rs 24 crore, according to the data. Market participants believe actual profits could be considerably higher if the firm actively trades in India's futures and options (F&O) market.

The firm's rapid growth has attracted attention amid regulatory developments. Income Tax authorities raided Graviton's offices in October. Media reports indicate that the firm stated it was fully compliant with all applicable rules and regulations. The reports also noted that Graviton's profit increased by 67 percent in FY25, reaching a net profit of Rs 1,010 crore.

Moneycontrol reported on September 9 that Graviton was among 10 market traders under scrutiny by the Securities and Exchange Board of India (Sebi), along with US trading firm Jane Street. That said, the reality is a bit more complicated. Sebi has not yet launched any formal investigation.

Founded in 2014 by Ankit Gupta and Nishil Gupta, both engineers with IIT backgrounds, Graviton is a privately funded research trading firm. It identifies as a “proprietary quantitative trading firm,” meaning it uses its own capital for trading.

Moneycontrol could not confirm whether the firm also manages client money. Market insiders suggest that the firm uses advanced algorithms and artificial intelligence tools to predict market movements with greater accuracy.

The increasing presence of such firms has raised concerns among smaller retail traders. In many intraday and derivative trades, retail investors often trade against foreign or domestic HFT firms that use algo- and AI-driven strategies. These HFTs frequently generate profits at the expense of retail participants. Sebi data from 2024 showed that over 90 percent of retail trades in the F&O market resulted in losses, implying gains for their counterparties.

**Stock Selection and Volatility**

Graviton's stock selection further highlights its strategy. The firm has largely focused on small- and mid-cap companies, where price movements tend to be more pronounced. The data indicates a correlation between Graviton's trades and stock-specific volatility. While its systems appear to identify stocks already experiencing heightened movement, the size of its intraday trades may also contribute to both liquidity and volatility. On days when Graviton executed large intraday trades, the average stock movement was 5.1 percent. In 160 of the 458 large bulk deals, the stock price either increased or decreased by more than 10 percent.

Specific trades illustrate this pattern. On March 11, Graviton traded approximately 63 lakh shares of IndusInd Bank worth over Rs 400 crore, earning a profit of Rs 15 lakh. The stock fell 27 percent during the session after the bank disclosed discrepancies in its derivatives portfolio. On January 9, the firm traded 3.8 lakh shares of Naveen Fluorine International to make a profit of Rs 5.2 crore, as the stock rose 9.5 percent that day. On January 24, Graviton traded shares worth about Rs 11 crore in Cyient Technologies and booked a loss of Rs 9 crore, as the stock declined 24 percent following the resignation of its chief executive officer.

Netweb Technologies emerged as the most traded stock for the firm, with at least 24 intraday purchases during the year. Aegis Logistics, CreditAccess Grameen, and Jupiter Wagons were also among the stocks where Graviton traded frequently, according to the data. An email sent to the company and its founders remained unanswered at the time of publication.