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Hello,
Yesterday, I gave my GMAT for the second time and scored 720(51 Q, 36 V )

. The first time I got meager 620 (50 Q, 24 V)

. I have 2 years work experience in a IT company( working on SAP Payroll Configuration) in India as on June, 2014. I had completed my B.Tech in 2012 from India from a good college and had scored 83% . With this background I am totally confused on What schools to apply in US? Do i have a chance of getting into ISB? Please Assist
Thanks to the GMAT club which have been supportive through out my Prep

Hey Congrats on your score.
you have a good/decent GMAT score. But you fall short in your WE, you need min 4 years of experience to get into ISB. Though they say 2 years(some people have got through- but not everyone) in enough.
Also your WE means that you are totally on the technical side. For a B-school, you should be proving yourself on management side rather than technical side.
i agree, this what the profile most of our Indians students will have. But try to get some management experience in your current employer. Participate more in extra curricular, charity, Non-profit organization etc.
These are not primary. Mainly "What you have done in 4 or 5 years of professional career". Mostly a team managing/ leading activities speak alot when you are completely from technical side.
Also, there is no much information provided by you. GPA?, Extra Curricular? etc etc.
I would suggest you to continue you work another 2 years (start your apps next year as you will be matriculating in 2016- you will have 4 years of exp), and gain some management experience from your current employer or may be a job change if you want.
That being said, it also depends on the schools to select/ding you even though you will have 4 or 5 years of exp.
But, to know more and if you are ready spill in some cash. You can very well have a try applying this year. But as i said doesn't guarantee you an admission in top program.
Please check this
forum for B-school discussion. Check out the average WE etc of your target schools.
Sorry, if i was demotivating, but thats the sad truth

. Many realized after completely research about their target schools.

.
The best part is you have successfully done with your GMAT. 1st step is done. Wait and take the another one with a bang

All the best.