HI Suresh,
This should be pretty straightforward.
Are you using a seconday data source that is the SharePoint list (connection directly to the SharePoint list). If so there is an option when you setup the data connection to connect when the form loads, this would refresh the data. You can also use a rule in your form to refresh the data from the list too if you don't want it to load at startup.
If you are using a secondary XML resource file then you will need to manually update the XML file in the template and republish your template everytime the data in SharePoint changes.
The first option is the one you should be using.
Ted