March 2015 Futures is trading below nifty index price. Wht is the reason behind it & wht can one derive from it?

It happens when dividend is given after current date but before expiry of the contract. Please check your question too. You have written March 2015

Oops sorry! it should have been October 2015.

But does that means market may go down because futures is trading is trading low?

Hmmm. .yes. .right. . But that difference will also be small.