A ceasefire between Israel and the Islamist Hamas movement that runs the Gaza Strip appeared to be holding on Thursday, BBC reported.

Israel radio said some rockets had been fired from Gaza, but there was no sign of an Israeli response.

Overnight, thousands of Gaza residents poured on to the streets to celebrate, waving flags and setting off fireworks.

The UN Security Council has called on Israel and Hamas to uphold the agreement, brokered by Egypt.

In its first statement since the current flare-up began, the council also commended Egyptian President Mohammed Mursi and others involved in the diplomatic effort.

UN Secretary General Ban Ki-moon, who has been meeting regional leaders during the conflict, welcomed the ceasefire and said it was urgent that humanitarian aid be delivered to Gaza.

"We are all aware that there are many details that must be solidified for a broad, durable ceasefire to take firm hold over the longer term," he said.

"It is imperative that both sides stick to the ceasefire in order to allow these underlying issues to be addressed."

Five Israelis and more than 150 Palestinians have died since the outbreak of violence began last week.

Under the deal, Israel has agreed to end all hostilities and targeted killings, while all Palestinian factions will have to stop firing rockets into Israel and staging border attacks.

Israel must also begin talks about opening Gaza's border crossings and easing restrictions on the movement of people and goods.

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