Allah mentioned the story of the magicians and Musa in Surat Al-A`raf (there is a commentary on it in that Surah), this Surah,Surat Ta Ha, and in Surat Ash-Shu`ara'. Fir`awn, may Allah's curse be upon him, wanted to deceive the people and impress them with the tricks of the magicians in direct opposition to the plain truth that Musa brought. The result was the exact opposite and he therefore didn't attain his goal. The signs of the Lord prevailed in that public festival.
(And the sorcerers fell down prostrate. They said: "We believe in the Lord of all that exists -- the Lord of Musa and Harun.")(7:120-122) Fir`awn thought that he would achieve victory through the magicians over the Messenger sent by Allah, the All-Knower of all hidden things. But he failed, lost Paradise and was deserving of the Hellfire.
(And Fir`awn said: "Bring me every well-versed sorcerer." And when the sorcerers came, Musa said to them: "Cast down what you want to cast!") They stood in line after they received the promise of Fir`awn to become closer to him and obtain a generous reward. Musa wanted them to begin. He wanted the people to see what the magicians had made, then he would come with the truth after that to triumph over their falsehood.
(They said: "O Musa! Either you throw first or we be the first to throw" Musa said: "Nay, throw you (first)!") When the magicians cast their spells they bewitched the eyes of the people through their display of mighty sorcery. At that time,
(Musa conceived fear in himself. We (Allah) said: "Fear not! Surely, you will have the upper hand. And throw that which is in your right hand! It will swallow up that which they have made. That which they have made is only a magician's trick, and the magician will never be successful, to whatever amount (of skill) he may attain.") (20:67-69) Upon that, Musa said:
(What you have brought is sorcery, Allah will surely make it of no effect. Verily, Allah does not set right the work of the evildoers. And Allah will establish and make apparent the truth by His Words, however much the criminals may hate (it). )