In this paper, we have presented maximum power point tracking (MPPT) algorithm for variable speed fixed pitch (VSFP) wind power plant connected to grid. The wind power plant is based on squirrel cage induction generator (SCIG) fed by a matrix converter (MC). Matrix converter is a power electronic interface between generator and grid, which facilitates the mechanism of MPPT algorithm. For maximum power point tracking, we have used extremum seeking scheme, which, unlike other MPPT techniques is a nonmodel based MPPT algorithm. In this paper sinusoidal signal has been used as a search disturbance signal. The performance of the ES algorithm has been checked for different wind velocities. In the latter section of this paper, we have done stability analysis of extremum seeking for wind energy conversion system (WECS) using single perturbation method.