Each Futures contract has a lot size. The Nifty Future, for example, has a lot size of 50, meaning each Nifty Futures contract represents 50 Nifty underlying.
Similarly, each Equity Future has a lot of size. Reliance Futures, for example, has a lot size of 250: so each Reliance Futures is equivalent to 250 Reliance shares.
Therefore, a Futures contract has a value equivalent to its price x lot size. If the Nifty near-month contract is trading at ₹5500, then its value becomes ₹5500 x 50 = ₹2,75,000.