The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, inched up to 50.4 in April, from 50.3 in March, signalling only a marginal increase in output across global emerging markets in April.
During April, the HSBC composite index for India and China, stood at 49.5, while for Brazil it was 49.9 and Russia (47.6).
An index measure of above 50 indicates expansion.
"The EMI data show a near-stagnation of business activity in the emerging markets for a second successive month in April," Markit Chief Economist Chris Williamson said.
Overall business activity across the Chinese manufacturing and services sectors declined slightly for the third month running, while, private sector output in Russia fell at the fastest rate since May 2009.
Moreover, Indian business activity fell for the ninth time in ten months, while Brazil posted a fractional decline for the second time in four months.
"The weakness of the survey data add to fears that emerging market languidity will continue to act as a dampener on global economic growth in coming months," Williamson added.
The volume of new businesses across emerging market economies in manufacturing and services sector remained broadly stagnant during April. Backlogs of work fell for the fourth month running, while a marginal cut in employment was signalled, HSBC said.
Meanwhile, the HSBC Emerging Markets Future Output Index which tracks firms' expectations for activity in 12 months' time fell to a new low in April.
"The malaise looks to be set in: companies are certainly not expecting any imminent upturn, with expectations about the year ahead in fact deteriorating further," Williamson said.
There were however, some "bright spots" as strong growth continued to be recorded in the Middle East and robust rates of expansion seen in Eastern Europe.
"The oil-rich Gulf states are still gaining speed, comfortably outpacing the rest of emerging markets," HSBC Chief Economist, MENA Simon Williams said.