Luke 2:8-17: "And in the same region there were shepherds out in the field, keeping watch over their flock by night. And an angel of the Lord appeared to them, and the glory of the Lord shone around them, and they were filled with fear. And the angel said to them, 'Fear not, for behold, I bring you good news of great joy that will be for all the people. For unto you is born this day in the city of David a Savior, who is Christ the Lord. And this will be a sign for you: you will find a baby wrapped in swaddling cloths and lying in a manger.' And suddenly there was with the angel a multitude of the heavenly host praising God and saying, 'Glory to God in the highest, and on earth peace among those with whom he is pleased!'
"When the angels went away from them into heaven, the shepherds said to one another, 'Let us go over to Bethlehem and see this thing that has happened, which the Lord has made known to us.' And they went with haste and found Mary and Joseph, and the baby lying in a manger. And when they saw it, they made known the saying that had been told them concerning this child."
John 1:4-5: "In him was life, and the life was the light of men. The light shines in the darkness, and the darkness has not overcome it."
John 1:9: "The true light, which enlightens everyone, was coming into the world."
John 1:14: "And the Word became flesh and dwelt among us, and we have seen his glory, glory as of the only Son from the Father, full of grace and truth."
Luke 2:25-28: "Now there was a man in Jerusalem, whose name was Simeon, and this man was righteous and devout, waiting for the consolation of Israel, and the Holy Spirit was upon him. And it had been revealed to him by the Holy Spirit that he would not see death before he had seen the Lord's Christ. And he came in the Spirit into the temple, and when the parents brought in the child Jesus, to do for him according to the custom of the Law, he took him up in his arms and blessed God..."
Matthew 2:1-11: "Now after Jesus was born in Bethlehem of Judea in the days of Herod the king, behold, wise men from the east came to Jerusalem, saying, 'Where is he who has been born king of the Jews? For we saw his star when it rose and have come to worship him.' When Herod the king heard this, he was troubled, and all Jerusalem with him; and assembling all the chief priests and scribes of the people, he inquired of them where the Christ was to be born. They told him, 'In Bethlehem of Judea, for so it is written by the prophet: 'And you, O Bethlehem, in the land of Judah, are by no means least among the rulers of Judah; for from you shall come a ruler who will shepherd my people Israel.'
"Then Herod summoned the wise men secretly and ascertained from them what time the star had appeared. And he sent them to Bethlehem, saying 'Go and search diligently for the child, and when you have found him, bring me word, that I too may come and worship him.' After listening to the king, they went on their way. And behold, the star that they had seen when it rose went before them until it came to rest over the place where the child was. When they saw the star, they rejoiced exceedingly with great joy. And going into the house they saw the child with Mary his mother, and they fell down and worshiped him. Then, opening their treasures, they offered him gifts, gold and frankincense and myrrh."
+++
The text is public domain:
Angels from the realms of glory,
Wing your flight o'er all the earth;
Ye who sang creation's story,
Now proclaim Messiah's birth.
Come and worship, come and worship;
Worship Christ, the newborn King.
Shepherds in the field abiding,
Watching o'er your flocks by night,
God with us is now residing,
Yonder shines the Infant Light.
Come and worship, come and worship;
Worship Christ, the newborn King.
Sages, leave your contemplations,
Brighter visions beam afar;
Seek the great Desire of nations,
Ye have seen His natal star.
Come and worship, come and worship;
Worship Christ, the newborn King.
Saints before the altar bending,
Watching long in hope and fear,
Suddenly the Lord, descending,
In His temple shall appear.
Come and worship, come and worship;
Worship Christ, the newborn King.
All creation, join in praising
God the Father, Spirit, Son,
Evermore your voices raising
To the eternal Three in One.
Come and worship, come and worship;
Worship Christ, the newborn King.
+++
The Biblical references in this hymn are pretty clear-cut. The first Luke text (2:8-17) is the basis for the first two verses, save for the line "Yonder shines the Infant Light" in the second verse, which comes from the three citations from John. The first two citations mention light, and the third says, "The Word became flesh and dwelt among us." These are combined into "the Infant Light" in the hymn, although "the Word became flesh and dwelt among us" is referenced elsewhere too (in the refrain's "the newborn King," for instance).
The third verse (the magi's visiting Jesus) comes from Matthew 2. The John texts that mention light seem to be hinted at again with the line "Brighter visions beam afar," although this could also just be the "natal star."
The fourth verse comes from the second citation from Luke 2 (verses 25-28). The hymn has the plural "Saints before the altar bending," but the cited verses mention only Simeon. The plural refers to Simeon and Anna, who's mentioned in verses 36-38: "And there was a prophetess, Anna, the daughter of Phanuel, of the tribe of Asher. She was advanced in years, having lived with her husband seven years from when she was a virgin, and then as a widow until she was eighty-four. She did not depart from the temple, worshiping with fasting and prayer night and day. And coming up at that very hour she began to give thanks to God and to speak of him to all who were waiting for the redemption of Jerusalem."
The description "Watching long" in the hymn suggests old age. It's implied that Simeon is elderly because he "would not see death before he had seen the Lord's Christ," but Anna's age of eighty-four years is specifically given. Because she "did not depart from the temple" and worshipped "night and day," that description of "watching long" might actually apply to her more readily than to Simeon.