Falling for the second straight day, the Sensex at the Bombay Stock Exchange dropped 277 points, or 1.6 percent, to 17,097, on heavy selling by funds, amid falling global markets, on Monday. The Nifty at the National Stock Exchange lost 90 points, or 1.7 percent, to 5,201.And stock markets in Japan, China, Hong Kong, South Korea and Singapore fell between 0.1% and 1.8%.