India’s benchmark stock index rebounded from the lowest level in 13 months, led by metal producers and industrials, as a two-day holiday in China helped calm global markets and lifted emerging-market stocks.

Tata Steel Ltd. and Vedanta Ltd., the largest copper producer, rallied at least 4.4 percent, helping an industry gauge end two days of losses. Axis Bank Ltd. jumped the most since May 13, while ICICI Bank Ltd. rebounded from a 15-month low. NTPC Ltd., the biggest power generator, ended a three-day, 4.2 percent retreat. Larsen & Toubro Ltd. and Bharat Heavy Electricals Ltd., India’s largest engineering companies, jumped at least 2 percent.

The S&P BSE Sensex rallied 1.2 percent to 25,764.78 at the close in Mumbai, rising from its lowest level since August 2014. Developing equities lost $2 trillion in value in August as concerns about China’s slowdown curbed demand for riskier assets. The Sensex had its biggest monthly retreat since November 2011, sending its valuation to the lowest since Prime Minister Narendra Modi took office in May last year.

“The valuations are really attractive and it’s a matter of time before we see buyers returning,” Deven Choksey, managing director at brokerage K.R. Choksey Shares & Securities Pvt., said in an interview with Bloomberg TV India on Thursday. “India is the only emerging market where people are largely convinced of stable growth.”

The Sensex has retreated 6.3 percent this year and trades at 14.6 times its projected 12-month earnings, compared with a multiple of 10.5 times for the MSCI Emerging Markets Index. The CNX Nifty Index on the National Stock Exchange of India Ltd. gained 1.4 percent to 7,823.

Tata Steel jumped 4.7 percent to 229.75 rupees while Vedanta Ltd. rallied 4.4 percent. Axis Bank gained 4.4 percent while ICICI Bank added 0.8 percent. NTPC gained 2.5 percent to 117.60 rupees.

Larsen & Toubro increased 2.7 percent while BHEL added 2.5 percent. Amtek Auto Ltd. shares tumbled 35 percent to 31.50 rupees, the lowest level since February 2001. The shares have plunged 81% since Aug. 7 after Credit Analysis & Research Ltd. suspended ratings on company’s bank facilities.

International investors sold a net $230.5 million of Indian stocks on Sept. 2, paring this year’s inflows to $4.1 billion.