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SUBMIT YOUR IDEAOooh, enjoyed this one. 🙂 Love a bit of multi row!
This one made me think a little. A couple of scenarios to account for 12 AM and 12 PM... overlapping time frames... but there is a scenario that might need specifying in the question though no data did this it's good to know the boundaries so you know you don't need to build for it... I added logic to take care of times that start just before midnight and end after midnight (technically another day). I would suggest considering adding to the question time periods will only span one day (ending at midnight).
Inspirational solution demonstrating the capability of the Generate Rows tool.
My solution