* NSE index up 0.33 pct, BSE index 0.39 pct higher
* Zee Entertainment after Morgan Stanley downgrades
By Chris Thomas
Sept 6 (Reuters) - Indian shares regained some lost ground on Thursday after declining to a near three-week low in the previous session, supported by energy and financial stocks.
The rupee fell to a low of 71.95 per dollar before reversing some of the losses as the central bank likely supported the local currency from declining to 72 per dollar levels.
The broader NSE index was up 0.33 percent at 11,514.65 by 0547 GMT, after shedding 203.55 points in the previous three sessions.
The benchmark BSE index was 0.39 percent higher at 38,165.04, after six consecutive sessions of falls - the longest losing streak since March.
“This could be termed as some sort of a relief rally,” said Arun Kejriwal, founder of advisory firm Kejriwal Research.
Meanwhile, broader Asian markets fell further with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the U.S.-China trade war.
In India, oil-to-telecoms giant Reliance Industries Ltd and Kotak Mahindra Bank Ltd were the top gainers on the NSE index, rising 1.3 percent and 1.9 percent, respectively.
Consumer goods maker Hindustan Unilever Ltd, which lost nearly 9.5 percent in the last three sessions on valuation concerns, climbed 1.5 percent.
The Nifty realty index gained 1.8 percent after reports that the country’s top court lifted a ban imposed on construction in Maharashtra and Uttarakhand.
Indiabulls Real Estate Ltd was the top gainer on the realty index, rising 5.4 percent.
IT stocks declined with Tata Consultancy Services Ltd and Tech Mahindra Ltd shedding 0.9 percent and 1.3 percent, respectively.
Zee Entertainment Enterprises Ltd was the top loser with a drop of 9.6 percent to a 20-month low after Morgan Stanley downgraded it on concerns over margins.
The Nifty Media Index slumped 5.48 percent to its lowest since December 2016. (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)