The SGX India Nifty futures contract fell 1.7 percent in early trade in Singapore on Wednesday, indicating losses for Indian stock markets after a surprise move by Prime Minister Narendra Modi to abolish larger denomination banknotes. Nearly 40 percent of India's economy is driven by small- and medium-sized enterprises that largely run on cash transactions. Economists said the move could impact these businesses, and in turn have a knock-on effect on economic growth. 'This will have a massive impact on the economy and crimp spending across-the-board,' said one Mumbai-based broker. On Tuesday, Indian shares ended higher for a second consecutive session as investors were cautiously optimistic that Democrat Hillary Clinton would win the US elections.