Hi Mayuresh,
Please check
http://scn.sap.com/thread/3284203
check SAP note 1665602
You need to check web dispatcher parameter , also from hana studio xsengine services should running .
Please check below doc
http://help.sap.com/hana/SAP_HANA_Direct_Extractor_Connection%20_Implementation_Guide_en.pdf
If you still facing any issue please update issue / error log.
BR
Atul