But the truce, which was to have taken effect at 1200 GMT, was being tested after the Israeli military reported further rocket fire from Gaza hours later and launched retaliatory air strikes for a second night.
"Israel Air Force aircraft targeted four terror sites in the southern Gaza Strip and three additional terror sites in the northern Gaza Strip," a military statement released around midnight said.
Palestinian security officials and eyewitnesses said that the targets were facilities of the Hamas military wing, the Ezzedine al-Qassam brigades, near Gaza City and a base of the smaller militant Popular Resistance Committees in the southern town of Rafah.
Three rockets had also struck during the morning, he said.
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On Wednesday at least 60 rockets hit Israel.
No one has yet claimed responsibility for the yesterday rocket fire, but Gaza security sources linked what appeared to be a failed rocket attempt yesterday night to a Salafist splinter group.
They said the group may have been behind the explosion of a locally made projectile in the northern town of Beit Hanoun that injured five members of the same family, including a woman and two children.
Although there were no casualties on either side, the violence was denounced by both Palestinian president Mahmud Abbas and British Prime Minister David Cameron at a news conference in the West Bank town of Bethlehem.