Anil,
To elaborate further on Art's post, you should do an electrical test on the crank position sensor. I have never had to replace one so I can't describe the process to you, but if you search the BB I'm sure you'll find many posts on the topic. There might be a video on YouTube as well.
Also, look at the condition of the wires. Check for damage, corrosion etc. Also, if the insulation is crumbling or falling apart it is a pretty good bet that the CPS is bad. But please don't take that as a license to go ahead and buy another part. Test it first...:)
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