I am a student and i came across a language called LUA. I am very keen to try to code an application for this language but could anyone point me in the right direction?
The homepage is always a good place to start: http://www.lua.org/
Lua's not really designed for coding standalone applications. It's designed to be an embedded into another application, like a game engine, that can use Lua to expose scripting functionality to its users.
Like Reedbeta said, Lua is great as an embedded language, of course it is great as a standalone, but IMO you should use other popular languages that are more widely used in the market,if you want a dynamic language, i recommend ruby which is a great language with many new ideas also there is python is good as well.
Yup, I've just got to chime in and agree. There just aren't enough libraries for Lua to really make it useful as a general purpose language. That's done on purpose because it carries less weight as an embedded language. If you use engines, etc, you will probably come across it and it's normal now days to learn quite a few languages.