Vijay, here are some of the questions our company asks itself to analyze the bounce rate.
1. is the bounce rate from organic, direct or referral traffic?
2. if it is from organic what keywords have the highest bounce rate? Are the visitors finding the correct page for the keyword? If yes, use multivariate testing via Google optimizer.
3. If it is from a referral site you need to analyze your referral strategy. Is the reference relevant for your business? If it is would it be suitable to send them to a more specific page or should you redo the page.
From our experience we have found that relevancy and loading time are the two mantras to reduce bounce rate. Even an badly designed website that has relevant content can hold visitors. Conversion is a different issue though.