We present a study concerning a space weather event on 25–29 August 2018, accounting for its ionospheric and magnetic signatures at low latitudes and midlatitudes. The effects of a storm in several longitudinal sectors (Asia, Africa, America, and the Pacific) have been analyzed using various parameters such as total electron content (TEC), geomagnetic field, and column [O/N2] ratio. Positive ionospheric storms are found in all the longitudinal sectors having its maximum effects in the Asian sector, whereas the negative ionospheric storms have been observed in the summer hemisphere (Northern Hemisphere). A large decrease in [O/N2] ratio in the Northern Hemisphere is a possible cause of the observed negative storm effects. Ionospheric F2 region maximum electron density (NmF2) and TEC have shown a positive correlation during this storm. The study suggests that storm time‐generated wind does not have a uniform planetary extension and mainly affects dayside (America and Pacific) and duskside (Africa) sectors. During the space weather event, we observe an asymmetric variation of the magnetic field as a function of the longitude. On the other hand, the magnetic variations at midlatitudes are found to be symmetric in both hemispheres. A signature of the disturbance dynamo (anti‐Sq circulation) has been observed, mainly at low latitudes. We emphasize that the partial ring current (PRC), estimated by the ASYM‐H magnetic index, must also be taken into account along with the SYM‐H index for a better approximation of ionospheric currents. The study further suggests existence of several electric current cells in the ionosphere, which is consistent with the Blanc‐Richmond model.