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Good morning Pradnya Ambre,
In a word, no. It is not possible to format different parts of a single field differently.
However, depending on exactly what you want to see where, the effect you are seeking may be possible. See below:
I used the combined field for the headings (which could now be removed) and added both the label fields to Label on the Marks Card, clicked on the ellipsis next to Text:
and formatted the separate fields in the label differently:
I hope this helps you to achieve what you were looking for!
Note that should your real example have a field that is not a combination of two existing fields, you could also split the field within the data panel or using string functions to give you the separate fields for your labelling.