I took my GMAT yesterday and scored 700 (Q50 90%, V34 69%). I am an Indian IT professional with nearly 8 yrs of exp. I have been on my international assignment for the last nine months. I worked in a software services firm(Infosys),then a product based company, then a captive unit, which was acquired by my current company, another software services and consulting company. I am aiming at top schools and am not sure if this score would be enough or should I retake GMAT. Somewhere I read that INSEAD looks for atleast 70 percentile scores in each section. If that's true my application won't be considered.
I chose ISB,LBS,INSEAD,IMD,IESE to send my GMAT scores to. Kindly advise whether I should go for a retake or do I have a good chance with my current score.

I do understand that GMAT is just one criterion but I do not have a great undergrad school/score though I studied all the four years of my undergraduate course on a merit-based state government scholarship. Will this help in some way?
Coming to my extracurricular activities, I am not associated with any NGO or such a kind of organization. I do some portrait sketching in my free time and write some poetry, neither of which of a great quality, but I am trying to improve my skills.

Any help/advice is highly appreciated.

it depends how you present yourself in your essays. Focus on your strengths. Though community service and extra curricular add weight to essays, you shouldnt worry about things you dont have and rather think of positives that you can bring in.

Thanks a lot for your responses.