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Panchang is like time in Vedic Astrology. In Modern age people use Calendar and Clock to keep time but followers of Hinduism use Panchang for time keeping. Panchang tells not only Sunrise, Sunset, Moonrise and Moonset but also auspicious and inauspicious times in a day.

In other words, Panchang is a Vedic clock, which is valid only for the geo location for which it has been built. Hence, Panchang is created for each city in the world separately.

The number of core elements in Panchang are five, namely Tithi, Nakshatra, Yoga, Karana and Var i.e. weekday. With the help of these five elements and combining them with additional elements e.g. Lagna, Sunrise, Sunset, Moonrise, duration of day and night, zodiac positions of Chandra and Surya, multiple auspicious and inauspicious Yogas are formed.

Some Yoga which doesn't occur daily but randomly on any day are also included in Panchang. Drik Panchang includes Bhadra, Panchaka, Ganda Mula, Vinchhudo, Dwipushkar Yoga, Tripushkar Yoga, Ravi Pushya Yoga, Guru Pushya Yoga, Sarvartha Siddhi Yoga, Amrit Siddhi Yoga, Ravi Yoga, Jwalamukhi Yoga, Aadal Yoga and Vidaal Yoga, which is collection of important auspicious and inauspicious Yoga in Dainika Panchang which occurs randomly on any day.

Panchang is like Vedic clock which should be referred throughout the day. Some rituals which require daily reckoning of Panchang are -

1. Brahma Muhurta - to wake up and to perform the first Puja in this Muhurta. All human begins are advised to get up during this auspicious Muhurta to begin religious activities as well as academic activities.
2. Pratah Sandhya - a must ritual for followers of Hinduism and one of the three Sandhya when daily Puja is performed.
3. Madhyahna Sandhya - daily Puja which is performed during the mid-day, and it overlaps with auspicious Abhijit Muhurta.
4. Sayahna Sandhya - a must ritual for followers of Hinduism and one of the three Sandhya when daily Puja is performed.
5. Rahu Kala - an inauspicious time when no auspicious work should be started. Rahu Kala is more prevalent in Southern states of India.
6. Abhijit Muhurta - an auspicious currency during the middle of the day, when any auspicious work can be performed when no auspicious Muhurta is available.
7. Vijay Muhurta - time which is good to begin any journey to get success and achieve the purpose of the journey.
8. Sankalpa - an integral part of Puja ritual, when determination is fortified by locking the moment in the space-time. Sankalpa required all five Panchang elements, including positions of Graha primarily Chandra, Surya and Brihaspati.
9. Sunrise - Performing Surya Namaskar and giving Arghya to rising Surya requires exact time of Sunrise. Panchang is required on daily basis as Sunrise time keeps changing throughout the year.
10. Moonrise - Many rituals are linked to Chandra Dev. Worshipping rising Chandra is very significant ritual during Sankashti Chaturthi and Krishna Janmashtami.

Above examples are just drop in the ocean and there are numerous ways, Panchang is used by the followers of Hinduism. Upcoming festivals and fasting days, various significant auspicious and inauspicious Yogas are also reckoned with Dainika Panchang.