Mood: The mood of this video appears to be celebratory and devotional, with a theme centered around the Hindu festival of Janmashtami, which commemorates the birth of Lord Krishna. The overall emotion evoked is one of joy, spirituality, and festivity, with a hint of nostalgia given the inclusion of classic Bollywood songs.

Environment: The setting seems to be a blend of traditional and modern elements. On one hand, there's a depiction of Lord Krishna in a rural or mythological setting, suggested by the peacock feathers, the traditional attire, and the background that hints at a village scene. On the other hand, the inclusion of modern Bollywood stars in a more contemporary setting suggests a bridge between the past and the present, or the sacred and the secular.