"but even my CAT score wudnt help me get someplace good"
If you can afford to go to a good B-school in the first place, then that means something to me.
Have you thought of doing a Masters' abroad?
"I really love computers n wish to stay attached to em for my career"
Instead of an MBA(the good B-schools require two years of work experience anyway), how about a Masters' in a specialised field of Information Technology, like say Networking / Information Systems / Cryptography / Software Engineering?
Even if you want to study in India, I suggest you take a good look at an MS in Information Technology with specialisation in Software Engineering from Carnegie-Mellon University, which is ranked #1 for Computer Science.
Why this particular program from Carnegie-Mellon and not any other? There is a twinning program run in conjunction with SSN School of Advanced Software Engineering, Chennai; where you do the first year of a 1.5 year program in India and the rest at Carnegie-Mellon University, USA. This could help bring costs down a lot, while at the same time ensuring a world-class quality education. http://sase.ssn.edu.in/
SSN SASE's website proudly proclaims "Despite the recession, all of MSIT students got jobs - At an average salary of US $95,000!"
P.S. SSN stands for Shiv Subramanya Nadar, the founder and chairman of HCL Technologies.
If you were interested at an MBA, good. You can still get into an MBA program abroad and complete it in one year, as opposed to two years in India. That means you get a valued foreign university degree, plus a possible career abroad. At Vancouver Island University, for instance, you could get two degrees in as little as 14 months(MBA from Vancouver Island University + MS International Business from the University of Hertfordshire, UK). Or you could get an MBA+MIT from Australia in just 24 months. You wouldn't even be considering these possibilities if you had been placed in an Indian company.
After completing your course, if you have 65?you can apply to PSUs like the ISRO or C-DAC. If selected, you get a Government job, where the pay is excellent(much more than in the private sector, now that the Sixth Pay Commission scales have been implemented), a highly-challenging work environment, and a recession-proof career. This is another possibility that you wouldn't be considering if you had been placed.
Even otherwise, you could apply to a Bank as a Specialist Officer(IT) and hopefully still get placed later on. You would still be working in IT. With Core Banking, Banks rely heavily on computers these days. Bank salaries are also high nowadays, and the starting package is much more than what a software engineer would earn as his/her starting salary. Again, its a secure career, you don't have to worry whether or not you re going to receive a pink slip at the end of the week about during a recession.
Not getting placed at Infosys is not the end of the world. Focus on completing your degree in time without any backpapers. All the best.