Another approach would be to use MERGE
;WITH cteTable1(CalculatedColumn, CommonField)
AS
(
select CalculatedColumn, CommonField from Table1 Where BatchNo = '110'
)
MERGE cteTable1 AS target
USING (select "Calculated Column", "Common Field" FROM dbo.Table2) AS source ("Calculated Column", "Common Field")
ON (target.CommonField = source."Common Field")
WHEN MATCHED THEN
UPDATE SET target.CalculatedColumn = source."Calculated Column";
-Merge is part of the SQL Standard
-Also I'm pretty sure inner join updates are non deterministic.. Similar question here where the answer talks about that http://ask.sqlservercentral.com/questions/19089/updating-two-tables-using-single-query.html