Sensex falls on profit-taking after hitting life high above 30,000

MUMBAI (Reuters) - The BSE Sensex and Nifty fell on Wednesday, retreating from record highs hit earlier in the session, as the initial surge after an unexpected rate cut by the Reserve Bank of India (RBI) was offset by profit-taking and on speculation foreign investors sold blue-chips.

Falls also tracked lower Asian shares as investors grew cautious before upcoming central bank meetings and U.S. jobs data.

The benchmark BSE Sensex ended 0.72 percent lower after earlier rising as much as 1.46 percent to mark its all-time high of 30,024.74, surpassing the psychologically important 30,000-level for the first time. Its previous record high was 29,844.16 hit on Jan. 30.

The broader Nifty lost 0.82 percent after earlier rising as much as 1.37 percent to mark a record high of 9,119.20, marking its third consecutive all-time high.

The indexes had initially surged after India's central bank unexpectedly lowered its policy rate for the second time this year on Wednesday, backing a government that is pushing to revive economic growth as inflation cools.

(Reporting by Abhishek Vishnoi; Editing by Biju Dwarakanath)