UPDATE TX_Master_PCBA
SET TIMESTAMP2 = '2013-12-12 15:40:31.593',
G_FIELD='0000'
WHERE TIMESTAMP2 IN
(
SELECT TOP 1 TIMESTAMP2
FROM TX_Master_PCBA WHERE SERIAL_NO='0500030309'
ORDER BY TIMESTAMP2 DESC -- You need to decide what column you want to sort on
)