Conjugated polymers are intensively pursued as candidate materials for emission and detection devices with the optical range of interest determined by the chemical structure. On the other hand the optical range for emission and detection can also be tuned by size selection in semiconductor nanoclusters. The mechanisms for charge generation and separation upon optical excitation, and light emission are different for these systems. Hybrid systems based on these different class of materials reveal interesting electronic and optical properties and add further insight into the individual characteristics of the different components. Multilayer structures and blends of these materials on different substrates were prepared for absorption, photocurrent (Iph), photoluminescence (PL) and electroluminscence (EL) studies. Polymers chosen were derivatives of polythiophene (PT) and polyparaphenylenevinylene (PPV) along with nanoclusters of cadmium sulphide of average size 4.4 nm (CdS-44). The photocurrent spectral response in these systems followed the absorption response around the band edges for each of the components and revealed additional features, which depended on bias voltage, thickness of the layers and interfacial effects. The current-voltage curves showed multi-component features with emission varying for different regimes of voltage. The emission spectral response revealed additive features and is discussed in terms of excitonic mechanisms.