Here is the updated code: Still this is running slow.
DECLARE @log_id INT
DECLARE @vr_seqno INT
DECLARE @getlogid CURSOR
SET @getlogid = CURSOR FOR
SELECT log_id
FROM [testdb].[dbo].[match_event_log]
OPEN @getlogid
FETCH NEXT
FROM @getlogid INTO @log_id
WHILE @@FETCH_STATUS = 0
set @vr_seqno = 0
BEGIN
PRINT @log_id
set @vr_seqno = @vr_seqno + 1
Update match_event_log
Set log_seqno = @vr_seqno
where log_id = @log_id
FETCH NEXT
FROM @getlogid INTO @log_id
END