This is the day of appearance of God Vishnu in Vaman incarnation. This festival is celebrated by observing a fast and night watch invoking Vaman avatar and offering 52 sweets, donations and alms.
Once Gods and demons performed the churning of the Kshir ocean. Arnrit, the immortal juice erupted and came to the hands of the demons. The demons, overjoyed with power, invaded gods and gained control of all the three worlds.. Vali became the king of the heaven. The priest of the demons Shukracharaya, started performing Ashmedh Yageye, to establish Vali as the king of the whole world.
Defeated Gods, through their parents Kashyap and Aditi, invoked God Visnu, who incarnated as Vaman. This personified form, looking like a poor yogi, with a commundal (water jug) and wearing a deer skin, reached the yageye on the 100th (last day) of the yageye. Vali had a generous nature and never refused alms to anyone; Vaman (Vishnu) took
advantage of this.
Vali was enchanted by the look of the graceful 'brahmchari yogi and asked him if he could be of any service to him (Vaman). The latter said, "I am a poor Brahmin and do not need anything, but still if you wish to give me a place for shelter, then give me three paces of land.' Shukrachareya, by virtue of his spiritual inner conscience and religious Maya powers recognized Vaman incarnation and advised Vali not to give the boon, but Vali could not go back on his promise. So he asked the Brahmin to measure three paces. Simultaneously Vaman transformed himself into a gigantic form and in three steps measure the whole heaven, land and nether land. Thus Gods regained total control of the whole universe and the demons lost.
The king Hariyeshav observed the fast on this day, gave a golden image of Vaman, to a Brahmin in charity and was blessed with a son, as he desired.