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Can we execute sp_updatestats in heavy transaction time

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Our database becomes very slow in heavy transaction day after being transaction about 7000 with in 2 hours even i update database stats using sp_updatestats at night. We have 2 days specially heavy transaction per month. After executing sp_updatestats in heavy transaction time around mid day, same query will be executed in 1 seconds where it used to about 2 minutes just before executing sp_updatestats. We have database about 50GB. It takes about 3-4 minutes to execute sp_updatestats in our database.1. Can we execute sp_updatestats during heavy transaction while database performing slow2. Could you please suggest if there is any better way to overcome slow performance during heavy transaction.Currently, During maintenance plan, backup both database and log, update stats will be done every night.Mostly twice a month, Index reorganize and index rebuild currently being done.

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