Nifty Index March futures are trading at a Discount
Futures may trade with premium or discount to spot but in most of the cases with premium because of the concept of cost of carry.
In very rare cases like today futures are trading with discount and one reason might be many are hoping this rally is not sustainable and there is good scope for correction as the rally is not in synch with any global rally or with any remarkable policy shift. This rally has taken positive cues from the recently announced budget to bounce back from the exhaustive fall markets have experienced recently.
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as i read some big institutions market report.. this discount of because of market is expecting a big dividend is announce by companies before April..
in budget.. Finance Minister extra 10% tax on peoples who receive more than 10 lakh rupees as dividend..
so, promoters of company to save this tax.. they announce big dividend before April 1..
futures of many shares are trading in discount because of this.. like hero motocorp is trading with 54 rs.. discount in futures..
check this link.. many promoters who earns good amount from dividends.. they want to save there tax..
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Good analysis Shivam, Might be one of the reason! 
thanxx for appreciation…bro… i post what i hear and read on blogs and reports…