Hi Rohit,
Whether you need to retake the GMAT or not will depend a great deal on the Schools/Programs that you are interested in applying to - and the strength of your overall profile. If you don't know which Schools you are interested in yet, then that's okay - but from a statistical standpoint, a 490 is a below-average Score (the Average Score on the Official GMAT hovers around 550 most years). This is meant to say that a higher GMAT Score would likely help you out a great deal (and retaking the GMAT might ultimately be necessary).
Before I can offer you any additional advice for your studies, it would help if you could provide a bit more information on how you've been studying and your goals:
Studies:
1) How long have you studied? How many hours do you typically study each week?
2) What study materials have you used so far?
3) On what dates did you take EACH of your CATs/mocks and how did you score on EACH (including the Quant and Verbal Scaled Scores for EACH)?
Goals:
4) What is your overall goal score?
5) When are you planning to apply to Business School and what Schools are you planning to apply to?
GMAT assassins aren't born, they're made,
Rich