Diwali is a Hindu "festival of lights" celebrated at the new moon in the month of Kartika, around the time of the autumn harvest, autumnal equinox, and the start of the winter sowing. Hiltebeitel mentions claims that the celebration of Diwali can be traced to A.D. 50-100 and that it comes from an autumnal festival for the dead (making it thematically related to the Western Halloween).
The meanings of Diwali, its symbols and rituals, and the reasons for celebration are innumerable. Diwali celebrates Lord Rama's glorious and long-awaited return to his Kingdom of Ayodhya after his fourteen long years of exile in the forests. It commemorates Lord Krishna's victory over the demon Narakaasura who had kidnapped and terrorized the gopis of Vrindavan. When the evil Naraka was finally killed by Bhagwan Krishna and Satyabhaama, he begged pitifully for mercy; thus, upon his entreaties, it was declared that this day of his death would be celebrated with great joy and festivity. It is also celebrated as the day Bhagwan Vishnu married Maha Lakshmi.
Diwali is also associated with the story of the fall of Bali - a demon king who was conquered by Lord Vishnu. Lord Vishnu appeared to the demon king Bali in the form of a dwarf and requested only three steps of land. The evil and egotistic Bali granted the drawf's meager request of only three feet. Suddenly, Lord Vishnu took on His grand size and placed one foot on the Earth, another on the Heavens and His third on the head of the evil Bali.