Solution:
Get first all record and then modify single record using save method like this:
$foos = GanttTask::where('product_id',1)->orderBy('date', 'ASC')->get(); // Get All records
$counter = 1;
foreach($foos as $foo){
$foo->custom_counter = $counter;
$counter +=1;
$foo->save(); // Update each record
}
Good Luck !!!