I got following error...
System.NullReferenceException: Object reference not set to an instance of an object. at Microsoft.SharePoint.SPListItem.get
Ruben's answer was correct but was getting few errors (may be its was only for me) therefore i tweaked little bit and then it was working fine. Below is the code which i used if anyone needs it
SPList list = web.Lists["ListName"];
//SPListItem item = list.Items.Add();
//item["PercentComplete"] = .45;
// 45%//item.Update();
SPQuery oQuery = new SPQuery();
oQuery.Query = @"
Design
";
SPListItemCollection collListItems = list.GetItems(oQuery);
foreach (SPListItem item in collListItems)
{ item["PercentComplete"] = .55;
item.Update();}