@praveen-garg,
Applying custom CSS to indexLabel is not available as of now, but you can customize toolTip either by using contentFormatter or by over-riding toolTip class as shown in this jsfiddle.
In bar/column charts, indexLabels are placed inside or outside based on the available space. You can set indexLabelPlacement in dataSeries level to outside so that indexLabels are shown outside the bar.
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Vishwas R
Team CanvasJS