I am putting this question along with the solution. I couldn't find a proper solution to this problem so I figured out my own. Hope it helps someone. Lets assume we set a default value "https://" in the input field on focus. Length of https:// is 8. So we will just make a selection from 8th position to 8th position just to fool IE.
$("input").focus(function () {
if ($(this).val().length <= 0) {
$(this).val("https://");
$(this)[0].setSelectionRange(8, 8);
}
});
Do this and you are good to go.