Forget about %now%. There is a condition called Time Of Day. It tests if the current time is between two times. So for your case, you just test if the time is between 8:30 and 8:30, or 4:00 and 4:00, or 9:30 and 9:30. No need for %now% or a variable at all.
All in one rule, if that's the way you want it.
I hope you follow that if the rule is triggered at 8:30, the time of day is between 8:30 and 8:30.