Diwali, or Deepavali, perhaps the best-known Hindu festival, marks the end of the season that opens with Dussehra. Diwali is celebrated throughout India, as well as in Indian communities throughout the diaspora. It usually takes place eighteen days after Dusshera in October/November. Diwali is called the "festival of lights", and the name itself means an array of lamps (Deep = Lamp, Vali =Array). Indeed, illumination is characteristic of Diwali. The array of lamps are symbolic of welcoming Lord Rama back to Ayodhya after his 14 years of exile, and the common practice is to light small oil lamps, diyas, and place them around the house.

Diwali is celebrated for five continuous days and each day has its significance with a number of myths, legends and beliefs.

The first day is Dhanteras. The word dhan means wealth, and as such, this day has special significance for the rich mercantile community (especially of Western India). Believing this day to be auspicious, women purchase some gold or silver or new utensils.

The second day is Narka Chaturdashi or Choti Diwali. This commemorates the victory of Lord Krishna over the demon king Narakasur, or the divine over the mundane. A traditional oil bath before sunrise is a must, especially in Maharashtra.

The third day is the most important day of Lakshmi Puja or Chopda Puja. This day is regarded as the most auspicious. It is believed that on this day Lakshmi walks around and showers her blessings on man for plenty and prosperity. One of the most curious customs, especially in North India, is the practice of gambling on a large scale. It is believed that goddess Parvati played dice with her husband, Lord Shiva, on this day and she decreed that whoever gambled on Diwali night would prosper throughout the ensuring year.

The fourth day is Padwa or Varshapratipada, which marks the coronation of King Vikramaditya. Vikram Samvat, the Hindu calender, was started from this day. This day is regarded as the start of a new year according to the Hindu calendar. This day is looked upon as the most auspicious day to start any new venture.

The fifth and final day is called Bhaiya Duj in the Hindi-speaking belt and Bhau Beej in the Marathi-speaking community. Like Raksha Bandhan, it is a day for brothers and sisters, and on this day, brothers go to their sisters' houses for a special meal.

In South India and in the business community, Diwali is more associated with Lakshmi, the goddess of wealth and the consort of Lord Vishnu, the preserver in the Hindu pantheon. In rural areas, it is celebrated mainly as a harvest festival.

If there is one occasion that is full of joy and jubilation for all, it is Deepavali. Homes are spring-cleaned and decorated. Even the humblest of huts is lit by a row of earthen lamps. Celebration is invariably accompanied by the exchange of sweets and the explosion of fireworks. Multi-coloured rangoli designs and floral decorations adorn the entrance of most homes. South Indians start their day with an oil bath.

Diwali has the same importance for Hindus as Christmas does for Christians.