Try Using a Multi Sub-Object material. Create a new MSO, set the number of materials you have, and apply that to your flow. In your material static operator, select assign material ID, and cycle, plus choose the amount of MSO materials.
Note: that the Order of the materials is applied from top to bottom in the flow by particle birth, Particle 1 will get material 1, particle 2 will get material 2, and so on. (I seem to remember typing this exact thing recently, or is it deja-vu?)
EDIT:
help me out in this… My requirement is I wanna create a shader similar to particleCloud shader in maya…
Since YOU are asking for help, how about taking the time to post an image of what your talking about instead of assuming that people in a max forum know what a “particleCloud shader in maya” is.
Since I am sure you know what a “trivectorized cross product of a normalized tangent to achieve a point radian of an intersect ray” is
(lol, thanks Ian :D)