Markets remained under selling pressure for the second day today with the benchmark Sensex falling by over 248 points to its lowest in about a month, primarily on sharp losses seen by market leader RIL.

The Bombay Stock Exchange's 30-share Sensex settled the day at 14,048.34, a fall of 248.45 points, or 1.74 per cent, from its previous close.

The broader 50-share Nifty of the National Stock Exchange also lost 78.10 points, or 1.82 per cent, to close at 4,214.00 from its last close.

While country's largest private sector company Reliance Industries fell by 3.45 per cent, the biggest loser of the day was Hindalco Industries which was down by a hefty 12.60 per cent.

All sectoral indices saw marked falls on across the board selling pressure.

Marketmen said a sharp rise in global crude oil prices to nearly $119 a barrel in Asian trade added to worries of inflation pinching harder.

Nearly a two-dollar rise in oil prices pulled down Asian and European markets into the red in late afternoon trade which also impacted the domestic bourses negatively.

They said investors reacted to the global developments and squared off long positions on the last day of August contract of the Futures & Options (F&O) segment which could be the reason for the huge fall in Hindalco.

Ahead of the release of latest data on inflation, there were wide anticipation in the market that rate of price rise would touch 13 per cent, weighing heavily on trading sentiment.