I have this small flowering plant in my balcony. What is the name of this plant?
Looks like a Portulaca grandiflora or purslane. Some varieties have deep red flowers, although the flowers are quite variable. Examine the leaves carefully, you should see that they are quite thick, enabling this plant to go through drought that would kill others. So it is a good plant to be able to leave when you go on holiday. It will still be happy when you get back.