Finally I found a solution by using the below code
$("input[buttonid='btn_Cancel']").live("mousedown", function() {
});
.live helps to attach the same jquery function back to the button and mousedown since I am already using click event for some different purpose and want some alerts to be fired before the button click event gets fired.
the order in which any input button events that gets fired are
1) mousedown
2) click and then
3) mouseup.
Hope this helps anyone who's facing the similar issue.
Happy coding :-)