Assign this material to the Sphere. Apply an UVW Mapping modifier to the Sphere with Alignment set to Y axis. Select the Gizmo sub-object. Move the Gizmo in the Front viewport while having a look to the Perspective viewport so that the Sun of the bitmap is just placed upon the water surface (i.e. Box).
In the Material Editor, select the 3rd Material Slot. Choose deep black as the Diffuse color.
Then scroll to the down and expand the Maps roll-out. Click the None button next to the Bump slot.
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