I'm just shocked.... My graphic card worked and how it worked is just unbelievable. Some guys at overclock.net suggested me this fix. So here it is what i did.
Removed the cooler from the GPU and removed all the heatsinks. Cleaned the thermal paste from the GPU chip. Now i preheated a over at 200C for 20 minutes.
Yeah thats right, we gonna bake the little bugger. then i created a aluminum plate using the aluminum foil and made 4 spherical balls from aluminum foil. Then i placed the Graphics card with GPU chip facing downward on the aluminum plate and used the 4 spherical balls to give separation in between. Placed the little bugger in the Oven and baked it at 200C for 20 minutes. Then i took it out and allowed it to cool in air. After half an hour i reassembled the card and voila! it worked
Will post some of the pics taken during the procedure later.
It just saved my 100 Bucks which i gonna spend on next card