c:\@Work\Perl\monks>perl
use strict;
use warnings;

use autodie;

use List::MoreUtils qw(any);  # use List::Util in later perl versions

my $file1 = \<<"END1";  # strings to be searched for substrings
he is man
xyzzy
don't you
what goes on
END1

my $file2 = \<<"END2";  # substrings to search for
he is
what are
z
try to do
END2

open my $fh_substrings, '<', $file2;
my @substrings = <$fh_substrings>;
chomp @substrings;
close $fh_substrings;

open my $fh_lines, '<', $file1;

while (my $line = <$fh_lines>) {

    chomp $line;

    print "'$line' ";

    my $s;  # matched substring in line
    my $o;  # matched substring offset

    if (any { ($s = $_, $o = index($line, $_)) >= 0 } @substrings) {
        print "match \n";
        print ' ', ' ' x $o, '^' x length $s, "\n";
        }
    else {
        print "NO match \n";
        }

    }

close $fh_lines;

__END__
'he is man' match
 ^^^^^
'xyzzy' match
   ^
'don't you' NO match
'what goes on' NO match