Ostensibly, =MOD(NOW(),1) results in just time of day, accurate to the 1/100 second (truncated).
But if you intend to use that value for look-ups and other comparisons, it would be prudent to write:
=--TEXT(NOW(), "h:m:s.000")
or
=--TEXT(NOW(), "h:m:s")
depending on the accuracy that your require. Format the result any way that you wish.