Surprise! Surprise. I was totally in dark about this. Nikon's raw format (NEF Files) is proprietary. I didn't know that. Thus Adobe Lightroom couldn't render the images properly. I was so pissed of, I see beautiful color in my camera lcd but when I open it in lightroom, it kind of blurs out. Then I tried to open the file with Nikon's Capture NX. And voila. It renders the images properly. Now I love the options and workflow of Lightroom and I don't want to buy Capture NX (yes, its not free). So what should I do? The gurus here already faced this and they also found the way around. Apparently Adobe released DNG Profilers in their labs. You just have to select the correct camera profile. There is another way to cope with this. Shoot in NEF+JPEG mode. It will eat up your CF card space but you won't have to worry about post-processing that much. As Most of the time I just do cropping. If you need to post process then you have the NEFs as backup.
Here is the comparison with one image which is just coverted to JPEG from NEF by both softs without any edit. Capture NX one resembles the exact color.