The ceasefire, effective from 1600 GMT yesterday, was accepted by Netanyahu following consultations with his Defence Minister Moshe Yaalon, press reports said.
But he did not put it to a vote within his eight-member security cabinet in a move which earned him sharp criticism from hardliners, four of whom would reportedly have voted against the agreement.
As these hardline opponents whetted their political knives, Netanyahu's people were quick to couch the deal as a resounding success.
Deputy foreign minister Tzahi HaNegbi, a close ally of Netanyahu, took a similar line.
"Hamas, whose main objective was to force us to lift the blockade on Gaza, failed and all its demands were rejected," he told public radio.
Under the deal, Israel will ease restrictions on the entry of goods, humanitarian aid and construction materials into the battered Mediterranean coastal strip, home to 1.8 million Palestinians, and relax a tight limitation on the fishing zone.
HaNegbi said the Israeli premier would not hand Hamas any political victory.
"There will be no port, no airport and no entry of materials that could be used to produce rockets or build tunnels," he told public radio. "That will be our position which we will present at the negotiations in Cairo."
But the deal has soured feeling towards Netanyahu.
"Israel has given the impression we want calm at any price, which weakens our powers of deterrence," he told the public radio.
