Suppose i have a cup, and i want to apply metal material (silver) and wood (brown),
and i want to render these two materials in a single render,
is it possible?
Yes, just make the model split into two halves, apply material 1 to one side and material 2 to the other side.
You'll have to do this in your modeling program most likely, as keyshot geometry editor probably won't split the model exactly where you'd like it to do so.
Also, this could be done easily in post by rendering two images, and masking off half of one image over the other so only half of image 1 with material 1 is showing and vice versa.
At least that's what I think you want.