How to Perform hard reset in Nokia 701?

I am recently brought a Nokia 701 from Nokia Store. I am really happy and love my phone. Performance and graphic output is superb. When I update my phone to belle fp1 by WiFi after that I am suffering from many issues. Phone is started to working slow and some application are not working like ovi store, photo editor, video editor, adobe, office etc. I tried to reinstall Ovi Store but installation is failed. I need my all application back in my phone. I don’t know what wrong going on with my phone? But I really want to solve this problem. My phone is in warranty. So, anyone please help me how to solve this problem?

I also have Nokia 701 which I brought before a few days. Phone is to working awesome. I really love my phone. belle is working too great with 1Ghz CPU. When I installed new updates in my phone after that my phone is working too slow and sometime it is freeze. I am getting tens because even I don’t know how to solve that kind of problem. So, I called to Nokia care and discussion about problem with supervisor. After a discussion she told me step by step procedure to restore factory setting to solve my issues. After restoring factory setting my phone is working superb now. I think factory reset is solve your problem also. So I am give you step to how to perform factory reset. I hope this will solve your issues and if not then go to nearer Nokia care center.
Backup all important Data like Messages and contacts
End all active connection and calls
Select Menu >> Settings and Phone >> Phone management >> Factory settings >> Restore. ( just Restore setting without delete any data)
Select Menu > Settings > Phone > Phone management > Factory settings > Delete data and restore.( which delete all data from phone )
Enter security code (Default is 12345)
Phone is asking you to restart> press Yes
Phone is switch off and further switch on which takes 5-10 min to perform this operation.

I have brought Nokia 701 before 3days. I am gamer guy so I love to play games in my phone. I am installed so many games in my phone and I really enjoyed it. It is support 360x640 pixel resolution and HD games also supported. phone is started to hang because of installing many games and application. So, I tried to uninstall few games but it gives error at the time of uninstalling. So I think restore the factory setting but it cannot fix my problem. I am search on internet about my problem and get one solution which is Hard Reset your phone. I am tried it and my problem is solved. I hope this will help you. I will show you how to perform Hard Reset. First backup all contact and important data from phone. Dial *#7370# and press Ok. The phone will request you to enter security code which is default 12345. And your phone is restarted and all application is removed. Now install all required application and enjoy.