It falls on the 14th day of the bright fortnight of Bhadra (August September). On this auspicious day, Vishnu sleeping on the bed of Ananta (the Serpent Shesha), in the milky ocean is worshiped and mediated upon. While Vishnu slumbers on Ananta, his consort Lakshmi massages his feet. On this day, fast is observed and fruits, sweets, flowers, etc. are offered to Vishnu in worship.

A raw thread colored in turmeric paste and having 14 knots is also tied on the upper right arms while meditating on Shesha-sayi Vishnu. This ensures protection against evil, prosperity and happiness. The Pandava princes in exile were advised by Sri Krishna to observe this fast to regain their lost kingdom and prosperity. They did accordingly, and then were able to defeat the evil-minded Kaurvas and regain their lost kingdom, wealth, reputation and happiness.

There are many stories that are recounted to stress the need of observing fast on this day. In fact, Anant Chaturdashi is the time when nature, affiliated with the lashes of natural disturbances caused by clouds and rains and winds, starts retaining its composure. Thus rising of the Anant symbolically means rising of the nature from its slumber. According to one mythological account, on this day, Sheshnag or Ananta, uprooted the mount mandarachal on the god's request to provide them with an object for churning the Ocean.

Symbolically, Sheshnag also represents the balance of the forces required to keep the earth in equilibrium. Shesh in Sanskrit means balance or the Rest. The logical or mathematical interpretation of the expression : "the earth stays on the hoods of Sheshnag" means it stays on the rest of the forces required to hold in balance. As explained earlier, most of the festivals are based on a pragmatic scientific logic having direct bearing on man's well being vis-a-vis changes in nature .