tracing out register values

49h -> hr's msb
48h -> hr's lsb
47h -> min's msb
46h -> min's lsb

49h -> hr's msb
48h -> hr's lsb
47h -> min's msb
46h -> min's lsb

i could not understand your program about what kind of option you are trying to use
but here it is my program execute it it will work.in this program you need to adjust the time value,then i hope it will work as nice clock...

;port p1 for sevent segmet data and p3 for multplexing four seven segment LED

                        ORG 00H                                         ;As using interrupt jump to general purpose starts at 30h
                        LJMP MAIN                                       ; jump to main program
                        ORG 0BH                                         ;timoer 0 interrupt serice vector
                        LJMP prog                                       ;jump to execute the necessary condition on ehalf of timer interrupt 0
                        ORG 30H                                         ;start of general purpose ram
                        MOV R2,#0                                       ;initializing r2,r3,r4,r5 as we are usin four digit
                        MOV R3,#0                                       ;
                        MOV R4,#0                                       ;
                        MOV R5,#0                                       ;
                        MOV A,#0
MAIN:           MOV TMOD,#00000001B                     ;timer 0 mode
                        MOV IE,#10000010B                       ;timer 0 interrupt enabling
                        MOV TH0,#0H                                     ;actually timer must be initialzed for 60 seconds but here i ve used an approximate value
                        MOV TL0,#01H                            ;
                        SETB TR0                                        ;timer run
                        MOV DPTR,#DAT
L1:                     MOV P3,#00000001H                       ;actally you need to show the time by using LED know,to make all the LED glow for appropriate time
                        MOV R0,#46H                                     ;copying from the required memory location
                        MOV A,@R0                                       ;copyig from r0 to a
                        MOVC A,@A+DPTR
                        MOV P1,A                                        ; copying from a to p1

                        MOV P3,#00000010B
                        MOV R0,#47H
                        MOV A,@R0
                        MOVC A,@A+DPTR
                        MOV P1,A

                        MOV P3,#00000100B
                        MOV R0,#48H
                        MOV A,@R0
                        MOVC A,@A+DPTR
                        MOV P1,A

                        MOV P3,#00001000B
                        MOV R0,#49H
                        MOV A,@R0
                        MOVC A,@A+DPTR
                        MOV P1,A
                        SJMP L1


prog:           MOV TH0,#00H                                    ; again timer setup
                        MOV TL0,#01H
                        CLR TF0
                        SETB TR0
                        INC R2
                        MOV R1,#46H
                        MOV A,R2
                        MOV @R1,A
                        CJNE R2,#10,L2
                        MOV R2,#0
                        INC R3
                        MOV R1,#47H
                        MOV A,R3
                        MOV @R1,A
                        CJNE R3,#10,L2
                        MOV R3,#0
                        INC R4
                        MOV A,R4
                        MOV R1,#48H
                        MOV @R1,A
                        CJNE R4,#10,L2
                        MOV R4,#0
                        INC R5
                        MOV R1,#48H
                        MOV A,R5
                        MOV @R1,A
                        CJNE R5,#10,L2
                        MOV R2,#0
                        MOV R3,#0
                        MOV R4,#0
                        MOV R5,#0

L2:                     RETI


DAT:            DB   0C0H,0F9H,0A4H,0B0H,99H,92H,82H,0F8H,80H,98H

                        END