Sharma was cremated at Shastri Nagar crematorium in the presence of the people from all walks of life, including leadership of various political parties, state Congress spokesman Ravinder Sharma said.
Congress leaders, including Gulam Nabi Azad and G A Mir, besides state BJP Chief Sat Sharma, were also present.
The opposition National Conference (NC) batted for a state funeral for him as he had been the Speaker of the state Legislative Assembly, however, the government did not concede it.
"NC chief Farooq Abdullah telephoned Chief Secretary of the J K government asking him to request Chief Minister Mehbooba Mufti to give Sharma a state funeral," party spokesman said here.
Paying rich tributes, JKPCC chief Mir described him as a "great leader who was liked by one and all because of his humbleness and leadership qualities."
Sharma was twice elected to state Legislative Council in 1961 and 1968. He won elections for five times for the state Legislative Assembly in 1972, 1977, 1983, 1987 and 2002.
He served as Minister of State for Transport, Relief and Rehabilitation in 1975-1977 and Minister for Food and Supplies in 1989.
Sharma was elected as Assembly Speaker in 1984-1987. He was also elected as an MP in 1996.
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