Do we need to execute Commit statement after Update in SQL Server

Sql server unlike oracle does not need commits unless you are using transactions.
Immediatly after your update statement the table will be commited, don't use the commit command in this scenario.

The SQL Server Management Studio has implicit commit turned on, so all statements that are executed are implicitly commited.

This might be a scary thing if you come from an Oracle background where the default is to not have commands commited automatically, but it's not that much of a problem.

If you still want to use ad-hoc transactions, you can always execute

BEGIN TRANSACTION

within SSMS, and than the system waits for you to commit the data.

If you want to replicate the Oracle behaviour, and start an implicit transaction, whenever some DML/DDL is issued, you can set the SET IMPLICIT_TRANSACTIONS checkbox in

Tools -> Options -> Query Execution -> SQL Server -> ANSI