The Sun Rising
Saucy pedantic wretch
He's insulting the sun like a servant—'saucy' means impudent, 'pedantic' means annoyingly rule-bound. The cosmic order reversed.
Rags of time
Hours and months are just torn scraps compared to love's timelessness. Donne's claiming lovers exist outside normal time.
Both th' Indias
The East Indies (spices) and West Indies (gold mines)—the entire wealth of the known world. He's saying she contains all of it.
All honour's mimic
'Mimic' means fake performance, 'alchemy' means fake gold. Political power and wealth are just cheap imitations of their love.
These walls thy sphere
In Ptolemaic astronomy, the sun moves in a sphere around Earth. He's flipping it—now their bedroom is the center of the universe.