How Blockchain transaction verification takes place? How does each transaction verifying node come to know if the sender has enough amount in its wallet to transfer to the receiver or not? How are Blockchain transactions validated?
Each node stores the entire history of transactions (the blockchain). When a node hears about a new transaction, it performs a series of checks to make sure that transaction is valid. 

So, when someone sends a tx, their software will use the private key of an unspent output (a 'bitcoin') to cryptographically sign the transaction. This signature proves ownership of the unspent output, and authorizes movement of the coins. 

So when a node hears about a new transaction, it checks to make sure that the signature is valid. If the signature is not valid, it will ignore the transaction. 

If you attempt to spend more coins than you own, then the signature will not be valid according to the blockchain record kept by the nodes. It is not possible to forge authenticity, you either own the coins and can create a valid transaction, or not.

Note that 'transaction validation' in this case just happens on each node, as the tx is relayed through the network. This is different than 'transaction confirmation', which happens when miners include a transaction in the next block. After 'validation', txs are stored in each nodes memory pool (mempool), until they are confirmed in a block.