The day symbolizes the victory of Rama over Vali, a demon King. As a legend goes, Rama and Laxman, in their endeavor to bring Sita back home and vanquish demojn Ravana, happened to meet Sugreeva. At that time, Hanuman was hiding in the forests fearing Vali, his demonic King brother.
After a bloody battle with Vali, Sugreeva assumed the demon was dead, as there was no response from the inside of the cave where they fought. He covered the mouth of the cave with a big stone and returned to Kishkindha, the capital, to occupy his brother’s vacant throne. But then, Vali reappeared.
Rama and Sugreeva decided that the former would assist Sugreeva defeat Vali, and in return he would help Rama in rescuing Sita from Ravana. Enthused by this, Sugreeva was confident and ready to face Vali for the third time. While Vail and Sugreeva were engaged in an intense battle, and Sugreeva was on the verge of defeat, Rama, hiding behind a tree, shot an arrow at Vali, who fell mortally wounded.
It is believed Lord Brahma created the world on this day, according to the scripture of Bramhand Purana. As the official tourism site of Mahrashtra Tourism notes, the festival is the most significant for it marks the start of the New Year dedicated to Sahaliwan, the son of a humble potter who overthrew the reigning Guptas of Malwa to become an important monarch guiding the fortunes of a new dynasty.
Families erect a gudhi or bamboo, with a colored silk cloth and a bright garlanded goblet is hung on top of it, which symbolizes victory or achievement. In a modern city like Mumbai where business is conducted as much through modern technology as ancient wisdom, the advice of astrologers on this day is highly sought. You can give an appropriate gift on this day to your friends and relatives to mark the occasion!