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cool08
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AlexMBAApply
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If you're shooting for top 16 schools, you'll need at least a 700 for it not to be a handicap (not because you're an Indian IT guy; it's pretty much across the board for everyone). Keep in mind that a lower than average GMAT score can hurt you, but a high score won't help you. In other words, once you hit a certain threshold (around 700 or so), it really comes down to the rest of your profile and application.

As for schools, to be honest your best bet will be schools in the top 30 range such as Georgetown, Tepper, UNC, Purdue, Indiana, USC, Texas, and so forth. Top 16 schools like the ones you listed will be a stretch even with a strong GMAT. ISB may be the only exception, but even then, it seems to be deathly competitive as well. You have a shot at getting into a decent b-school -- you just have to adjust your expectations on the kinds of schools you have a more realistic shot at.