Upon examination of local.properties is was found that Registry web server(through below properties) was configured with https and this was not reflected to Portal(via phoenix.properties file)
Release : 10.4
Component : CA Application Test
All components running on one machine.
There are two options to resolve this:
1. Remove the HTTPS configuration for registry web server from local.properties and restart all components, issue is resolved and could see that Portal was connected to the Registry.
2. Update phoenix.properties file as below: