Copy files mentioned in an Excel sheet
Building a list using append in a for loop is not only slow, it is an anti-pattern. Use list comprehensions instead:

searclist = [cell.internal_value for i in range(len(sheetlist)) for row in wb[sheetlist[i]].iter_rows() for cell in row if cell[1] == 'B']


This is not as readable as the previous form, lets try to fix that by iterating over sheet names directly instead of using an index, it will also speed things up.

searclist = [cell.internal_value for sheet in sheetlist for row in wb[sheet].iter_rows() for cell in row if cell[1] == 'B']


Not entirely better. In such cases you can try using a generator: simply wraps your loops into a function that yield results instead of appending them in a list:

def files_in_xl(filename):
    workbook = load_workbook(filename, use_iterators=True)
    for sheet in workbook.get_sheet_names():
        worksheet = workbook[sheet]
        for row in worksheet.iter_rows():
            for cell in row:
                if cell[1] == 'B':
                    yield cell.internal_value


You can then easily create searclist using:

searclist = list(files_in_xl('test.xlsx'))


But we’re not done. First off, you iterate over that list again to remove file extensions; why not do that when getting the file name:

yield os.path.splitext(cell.internal_value)[0]


Second, openpyxl documentation suggest using read only mode for reduced memory footprint:

def files_in_xl(filename):
    workbook = load_workbook(filename, read_only=True)
    for sheet in workbook.get_sheet_names():
        worksheet = workbook[sheet]
        for row in worksheet.rows:
            for cell in row:
                if cell[1] == 'B':
                    yield os.path.splitext(cell.value)[0]


Third, you will use searclist only to check if values are in there. Lists are terrible for that purpose since the in operation is \$O(n)\$. Use sets instead, this operation is \$O(1)\$:

patterns = set(files_in_xl('test.xlsx'))  # Renamed searclist to patterns




Now on to your search function; which is poorly named since it both search and copy:


You used os.path.splitext previously to separate the filename from its extension and here you try to do it manualy: it is both inefficient and lead to duplicated code.
You swallow meaningful information by using a bare except: if something goes wrong, the user is only left with your "there was an error" message and nothing to get a hint at what the error was. Never use bare except, always specify the kind of exception you’re expecting; and only expect exceptions you are ready to handle (printing a message is useless here since the traceback has so much more informations).
Use os.path.join to build paths instead of manually concatenating a '/'.
You should also allow the user to pass the "in" and "out" path as parameters.


Proposed improvements

# -*- coding: utf-8 -*-
"""
Created on Wed Mar  9 14:26:22 2016

@author: DalalNS
"""

from openpyxl import load_workbook
import os
import shutil
import traceback


def files_in_xl(filename):
    workbook = load_workbook(filename, read_only=True)
    for sheet in workbook.get_sheet_names():
        worksheet = workbook[sheet]
        for row in worksheet.rows:
            for cell in row:
                if cell[1] == 'B':
                    yield os.path.splitext(cell.value)[0]


def filter_and_copy(in_dir, out_dir, search_patterns):
    for root, dirs, files in os.walk(in_dir):
        absolute_root_path = os.path.abspath(root)
        for _file in files:
            filename = os.path.splitext(_file)[0]
            if filename in search_patterns:
                src_path = os.path.join(absolute_root_path, _file)
                dest_path = os.path.join(out_dir, _file)
                try:
                    shutil.copyfile(src_path, dest_path)
                except (OSError, SameFileError) as e:
                    # Alert the user if we couldn't copy and continue with other files (you may want something better than that).
                    print('Error while copying', src_path, 'to', dest_path)
                    traceback.print_exc()
                else:
                    print(src_path, 'copied to', dest_path)
            else:
                print(filename, "not found")


if __name__ == '__main__':
    patterns = set(files_in_xl('test.xlsx'))
    filter_and_copy(
        'C://Users/DalalNS/Desktop/Mapping/a/b',
        'C://Users/DalalNS/Desktop/Mapping/output',
        patterns)


I also changed shutils.copy to shutils.copyfile as it might be a little bit faster. Check the documentation for your version of Python to change the exceptions you want to handle accordingly.