Gautam,
From my experience, the trace messages are in the indexserver_<host>.port.trc file under the diagnosis files tab. From time to time other messages might pop up in other files depending on the scope, but start with that file.
Also validate that you have the statements in your code $.trace.debug( <somedata or message> );
Check the loglevel of the trace in the configuration files. For my application, I have the following turned on to debug level:
indexserver.ini > trace > xsa:<myappname> = debug
xsengine.ini > trace > xsa:<myappname> = debug
If you don't see the entries, you can add them to the config files manually.
I am running the HANA AWS dev instance rev 80.
Jim Giffin