Well, I would say retake the GMAT. Because the schools on your list are very high in the rankings, and Indian applicants probably have an average GMAT that is about 20 points higher than the regular average. That means figure for Stanford that the average GMAT for Indian candidates is gonna be like 740!!!! So, I think you need to decide either to retake the GMAT or compromise with your school list.
Even with a 720, a lot of the schools on your list would be stretches (1,3,4,5,6,9), so you might anyhow want to moderate your list somewhat.
I know it is hard to hear, but you come from a very tough and large applicant pool, so it is best to strategize for this according this does not mean of course, to give up on your dreams!!! On the contrary. But it is to hedge your bets).
Anyhow in your case, I would definitely at least consider retaking the GMAT.
I wrote a whole post about this topic last week, and I'd suggest you read through that: to-retake-or-not-to-retake-that-is-the-question-indian-153716.html
And of course you are welcome to ask any personal questions you might have.
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