Does this code actually work?
As far as I understand the method indexOf of Ext.data.Store retrieves the index of the record inside the store as an integer thus calling set('title', newTitle) probably will raise an exception of the type Uncaught TypeError: Object n has no method 'set'
Besides that you don't need to load the whole store to get your grid updated, since views are bound to the stores they auto refresh anytime a store field changes, so it should work by changing the title property as follows:
gridStore = gridPanel.getStore();
record = gridStore.getById(recordId);
record.set('title', newTitle);
If value doesn't update that way, you should check if the target column doesn't have a custom renderer associated to it that can be changing the view output for that specific field in any way.