The next day of Diwali is celebrated as Balipratipada. According to Hinduism, Bali Pratipada is regarded as the victory of Lord Vishnu in his Vamana avatar and defeating Bali.
King Bali was a generous and a very ambitious person. People under his rule were happy and there was well being and prosperity everywhere. King Bali was dedicated to Lord Vishnu and used to worship Lord Vishnu. Due to his popularity, all the Gods were upset and envious.
In order to get rid of King Bali, all God’s approached to Lord Vishnu. After requests from all the gods, Lord Vishnu gave in. Lord Vishnu disguised himself as a dwarf man, Vamana, and came to Earth. This was his fifth avatar out of the ten. Lord reached King Bali’s kingdom and as usual, Bali told Lord Vishnu to ask for anything he wanted.
Lord Vishnu replied saying you are the ruler of three main worlds like Earth, so would you give me the space that I can cover with three strides? King Bali agreed to his request and Lord Vishnu placed his first step on the entire universe. With his second step, he quickly occupied earth and now the place where King Bali was standing left. There was no place left for Lord Vishnu to step, so King Bali generously offered his own head to step on. King Bali was quite brilliant and very well knew that Vamana was none other than Lord Vishnu. Lord within no time placed his foot on his head and he was soon banished to Patalaloka.
Lord Vishnu was so happy by Bali’s generosity that he granted him with a boon that he could return to Earth for just one day and spread happiness, love, and wisdom. Along with a boon, King Bali was also granted the wish of becoming the next Indra. And that the reason why people lit lamps and burst noisy crackers on this day and welcome King Bali on Earth.