The study of cosmic ray intensity and geomagnetic response have been carried out with the data registered by ground based and satellite data on 24-hour scale during 1996, 2000 and 2008 which corresponds to solar minimum of solar activity cycle 23 during 1996 and 2008 followed by a solar maximum in the year of 2000. The minimum of solar activity cycles are characterized by different polarity of the north pole of the sun’s magnetic field as the polarity reversal occurs during 2000. The results presented in this paper indicate that cosmic ray intensity and geomagnetic field is highly disturbed during the passage of these streams at Earth. The average time-profile of the decrease in cosmic ray intensity produced by streams associated with coronal holes and solar flares during the maximum epoch of solar activity cycle 23 is explained in terms of existing models of solar modulation of cosmic rays. The comparison of modulation features during the different magnetic conditions i.e. during 1996 & 2008 shows that drift effects are less dominant in the short-term modulation of cosmic rays. These results indicate that the solar wind streams are playing an important role in the transient modulation of cosmic ray intensity.