Abstract This work investigates the influence of coronal mass ejection (CME) on the time derivatives of horizontal geomagnetic and geoelectric fields, proxy parameters for identifying GICs. 16 events were identified for the year 2003 from the CORONAS-PHOTON spacecraft. Five of the events (May 29, June 9, October 28, October 29, and November 4) were extensively discussed over four magnetic observatories, were analyzed using the time derivatives of the horizontal geomagnetic (dH/dt) and geoelectric (EH) fields obtained from data of the INTERMAGNET network. It was observed that energy distributions of the wavelet power spectrum of the horizontal geoelectric field are noticed at the nighttime on both 29 May and 9 June 2003 across the stations. Daytime and nighttime intensification of energy distribution of the wavelet power spectrum of the horizontal geoelectric field are observed on both 28 and 29 October 2003 due to strong westward electrojet. The 4 November 2003 event depicts daytime amplification of energy distributions of the wavelet power spectrum across the stations. The highest correlation magnitude is obtained in the event of 4 November 2003 between dH/dt and EH relationships during the intense solar flare of class X 17.4. We observed that the correlation magnitude between dH/dt and EH increases with increase in CME activity. We concluded that the response of the surface impedance model for different stations plays a key role in determining the surface electric field strength, due to large electric field changes at different stations.