Each Futures contract has a lot size. The Nifty Future, for example, has a lot size of 50: meaning each Nifty Future contract represents 50 Nifty underlyings.
Similarly, each Equity Future has a lot size. Reliance Futures, for example, has a lot size of 250: so each Reliance Future 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 Rs. 5500 x 50 = Rs. 275,000.