While searching for the software to share the internet available in my laptop, this nice software was found. It is software that acts as a router for computers running Windows 7.
According to its website Connectify.me:
Connectify is a free and easy to use software router for Windows 7 computers. With Connectify, users can wirelessly share any Internet connection: a cable modem, a cellular card, or even another Wi-Fi network. Other Wi-Fi enabled devices including laptops, smart phones, music players, and gaming systems can see and join your Connectify hotspot just like any other Wi-Fi access point and are kept safe and secure by password-protected WPA2 Encryption.