Followed the steps in this article, but for some reasons I couldnt find the bootsect.exe file in boot folder as mentioned in the article. Windows 8 blog
Downloaded Windows 7 USB/DVD download tool to create a USB bootable windows 8 installation. It took me close to 30 minutes to complete the installation. My laptop’s configuration was Dell inspiron Intel Dual Core, 2gb Ram, 136 HDD.