You can specify the color of a subset of the text in a <TextBlock> or <RichTextBlock> using the <Run> element:
<TextBlock>
<Run Text="Hi" Foreground="Black">
<Run Text="my" Foreground="Black">
<Run Text="name" Foreground="Black">
<Run Text="is" Foreground="Black">
<Run Text="Rohith" Foreground="Red"><Run Text="." Foreground="Black">
</TextBlock>
You can use data binding to build this dynamically.