Good morning... I'm Pratigya Vajpayee in New Delhi, and Wednesday isn't looking like a good day for global markets. Asian stocks have retreated, hurt by a deepening semiconductor selloff as elevated bond yields and geopolitical uncertainty weigh on one of the year's hottest trades. Oil is up for a fourth day.

At home, the Nifty 50 capped its sixth straight session of losses on Tuesday, its longest run since September last year. The benchmark is a whisker away from breaching the 50-day moving average, an important near-term support level. Caught off-guard by India's decision to close a special window to draw foreign-currency deposits before schedule, traders also pushed the rupee lower for a second day.

Meanwhile, one bright spot is that India's top bourse is inching closer to its listing. The National Stock Exchange of India is seeking a valuation of as much as $55 billion in its planned initial public offering, according to people familiar with the matter. At that valuation, the sale of the 6% stake on offer in NSE could raise about 315 billion rupees, potentially making it the country's largest IPO ever.