Leading high-frequency trader (HFT) Graviton Research, based in Gurgaon, was able to make a lucrative deal in Kalyan Jewellers on January 21 despite the fact that many regular traders suffered huge losses as the stock fell by 13%.
Based on NSE block deal data, the HFT trader made a profit of around Rs 15 lakh by purchasing 52.33 lakh shares for Rs 213.013 crore and selling them for Rs 213.17 crore. Graviton had an entering price of Rs 407.03 and an exit price of Rs 407.13.
Given that Graviton’s single deal accounted for over 80% of the stock’s total trading volumes, this transaction is noteworthy in terms of its influence on the Kalyan’s price movement.
Over the past 20 days, the market has seen an average daily volume of 62 lakh shares of Kalyan exchanged. Market participants claim that while these trades increase stock liquidity, they also increase market volatility. At 10 a.m. on January 22, Kalyan Jewellers was down 0.35 percent at Rs 395.45.
Due to the absence of a recent sell-off trigger, market players were caught off guard by the 13% decline in Kalyan Jewellers’ shares. On January 21, the benchmark indices Sensex and Nifty closed 0.3 percent lower.
The Kalyanaraman family, who hold 62% of the company, is in charge of Kalyan Jewellers, which has a market capitalization of Rs 41,000 crore. 15.2 percent and 14.5 percent, respectively, are owned by overseas portfolio investors and mutual funds. Retailers and affluent people own the rest.
While many other HFT businesses are placing large bets on derivatives rather than cash markets, Graviton has emerged as one of the major players in India’s intraday cash market. In 2025, the HFT dealer completed transactions totaling more over Rs 1 lakh crore. Stock exchanges report such huge trades as bulk deals.
A bulk deal is any transaction that involves more than 0.5 percent of a company’s total equity shares. The stock exchanges must be informed of these transactions, after which the data is made public.
According to the expert, Kalyan Jewellers’ stock has high bearish momentum and sustained distribution over the nine-day decline.
“A well-established downtrend has been confirmed by the stock price’s significant break below all major moving averages (20, 50, 100, and 200 EMA) on the daily chart. According to Aakash Shah, “the EMAs are stacked bearishly and sloping downward, indicating continued selling pressure and absence of short-term trend support.”
Shah continues, “The technical nature of this move is further reinforced by the lack of any immediate fundamental trigger, pointing to strong institutional selling activity.” If the immediate support zone is breached, he warns against further descent.
There is currently no indication of a reversal, but the ₹390–₹380 region might offer a brief pause or technical rebound. According to Shah, “a prolonged breakdown below this zone could open the doors for further downside toward lower demand areas.”
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According to the analyst, the stock has structurally broken below its previous consolidation base between ₹440 and ₹450, which is now anticipated to function as a strong overhead supply zone. According to the expert, any comeback should be seen as a corrective action rather than a trend reversal as long as the price stays below this level because the overall trend bias is still bearish.
