Thanx very much to both of you.
Yeah I had to start the installation again but on the sharing note,
What I did was deleting the database I had created for DNN installation and recreated it with same name and the user & password.
and then hitting http://mydomain.com/install/InstallWizard.aspx directly started the application for me and I was able to create my site successfully.
The next problem I faced, was absence of modules in the Control Panel & the add module page . This was due to my earlier failed attempt of installation and removal of module resource files (YourInstallationDirectory\Install\Module\ModuleName_Version_Install.zip.resources) from the respective directory.
Dotnetnuke removes the xxxx_xxx_install.zip.resource files from the ~/install/Module directory as soon as they are installed.
Therefore, I extracted those resource files by extracting the install zip package of DNN and placed them in the ~/install/Module folder of my hosted installation.
Then as suggested by the fellow above, I installed those module by selecting them from the "Module Definitions" page in the Host menu after logging in with the respective credentials.
Hope this would work for anyone who would be in a similar problem like I had.
Thanx again to all who replied to my problem and helped me solving it.