ishwar,
please check this link which provides basic configuration informations of your IDS sensor:
http://www.cisco.com/en/US/products/sw/secursw/ps2113/products_installation_and_configuration_guide_chapter09186a00801a0c95.html
To your question: And do I have to configure the swich port in which the IDS is connected
The answer is YES, you need to configure a monitoring port (SPAN) or connect to a HUB. Otherwise you are unable to see all traffic.
Do a search on Cisco's web site for:
"configuring the catalyst switched port analyzer"
Choose your Switch and follow the instructions.
good luck
Patrick