I have checked 'admin' user's status is currently 1 which means its active. I have tried to retrieve password via email also but I have not received any email may be because I am hosting in local.
I have reset the password from sql using below query
update users set pass = md5('mynwepass') where uid = 1;
It seems like it updated the password but Drupal isn't recognizing my new password. I have repeatedly tried and my admin id got blocked temporarily and then I truncated the flood table to let me retry. But still it doesn't recognize my credentials.
Is there any other option left other than reinstall Drupal?