Hi sanap,
1) Overall, a 710 is great, but your Verbal score is probably at the 75th percentile (or slightly lower)... This puts you a little bit lower than where you'd ideally be. I caution you against becoming too obsessed with the GMAT, but ideally you can get your Verbal score above the 80th percentile. That's not a magic number... Just a nice, achievable target! (But I also think your current score won't keep you out of a top school.)
2) How competitive you will be at these programs will depend on a few other things, such as your short- and long-term pot-MBA career goals, your undergrad/graduate GPA, and what specific leadership and teamwork examples you'll be able to draw from your work experience. As you probably know, you come from an over-represented pool (Indian/IT), but you have a couple of things that may help you stand out. So, I think top-5 schools will be tough, but I don't think it's unreasonable for you to take a shot at them. But, also consider a few more top-15-ish schools, to be safe.
Good luck!
Scott