• balam balī — Lord Baladeva, the powerful demon (struck)
  balam (Balarāma, the bala-being) + balī (the strong one — here, the demon). Gauḍīya word-play: two 'powerfuls' meet, but only one is the source of all power; the demon's bala is borrowed.
• urasi — upon the chest
  Locative of uras. Gauḍīya: the chest of Bhagavān — the same chest that bears the Śrīvatsa mark, the Kaustubha jewel, and Lakṣmī herself in Viṣṇu-form. Here in Vraja-form it bears an ass's hooves; the contrast is the verse's quiet humor.
• kā-śabdam — an ugly braying sound
  kā (ugly) + śabda (sound). Gauḍīya note: the asura's voice produces only kā-śabda — non-musical noise. Contrast with verses 10-12 where Kṛṣṇa's voice produces megha-gambhīrā vāc — cloud-deep music. Voice rank follows soul rank.
• paryasarat — ran around
  Pari (around) + asarat (ran). The ass charges in a circle. Gauḍīya: demonic activity often runs in circles — repetitive, unable to break the saṁsāra-cakra by its own motion. Only the Lord's hand breaks the circle.
• muñcan — releasing
  Present participle of √muc — to release. Gauḍīya: the same root as mukti — release. The ass releases only ugly sound; soon Balarāma will release him from the ass-body itself. Two senses of muc, both fulfilled in this līlā.

• What painful direct hit have I taken recently from an obstacle that is nevertheless about to fall?
• Am I letting the sting convince me the larger battle is lost?

An ass kicks backwards — its signature move — and hits the wrong chest. Dhenuka kicks Balarāma full in the breast with both hind legs, then bolts away braying. The demon imagines this is an attack; in reality, only the demon has been hurt by the contact. Touching the Lord with hostility is its own punishment — the chest absorbs the kick, the kicker absorbs the consequence.