Get the Huge Collection of Diwali SMS. (Deepavali SMS). Deepavali, or Diwali, (Markiscarali) is a major Indian festival, and a significant festival in Hinduism, Sikhism and Jainism. [3] Many legends are associated with Diwali. Today it is celebrated by Hindus, Jains and Sikhs across the globe as the "Festival of Lights," where the lights or lamps signify victory of good over the evil within every human being . The festival is also celebrated by Buddhists of Nepal, particularly the Newar Buddhists. This year Diwali will be celebrated on October 28, 2008.