Highly birefringent liquid crystals have grabbed ample attention because of their potential applications as an active medium for devices in visible, infrared and other spectral regions. Here, we have attempted to study the effect of the size and concentration of CdS nanowires on a nematic liquid crystal. Anisotropy in liquid crystals is one of those distinguishing traits that gain their superiority over other materials. We hereby have analyzed how optical and dielectric anisotropy respond to variations in the size and concentration of the dopant. The study is of significant scientific value because there is very little literature available on how dopant size can alter liquid crystalline properties and also introduces a method to tune the properties of pure liquid crystals (LCs) by varying the size and concentration of the dopant. The study explains how the size of the nanowires changes the analyzed parameters and up to what extent. The obtained results yield a significant increase in both optical and dielectric anisotropy by doping CdS nanowires making them an excellent choice for dopant selection. CdS-doped nematic LC mixtures have proved to be highly birefringent and possess a high positive dielectric anisotropy as well. Such a compound can be of great application in device fabrications such as laser beam steerers, electronic lenses, attenuators and light shutters, etc.