In plain words
One half of the body holds the axe and the deer, the other half the conch and the discus. Whoever meditates on this one-syllable form of Yours is freed from delusion. Salutation to Nārāyaṇa.
Word for word
Half the body holding the ṭaṅka and the deer, half the body holding the conch and the discus: for one who contemplates this one-syllable form of Yours, that delusion goes. Salutation to Nārāyaṇa.