Ya I figured out how to do this...You need to use wxPython with matplotlib for this purpose...refer this link for more
http://eli.thegreenplace.net/2008/08...wxpython-guis/...

I want to dynamically update the scatter plot based on the y-axis data received from a socket connection. I used python matplot lib in interactive mode to do this, but during dynamic updation if i move the window to a different location or minimize the window then the plot updation stops abruptly. Please let me know how to do this?

I have attached a sample dynamic updation code used here and the same problem appears here also, please...