The HSBC Emerging Markets Index (EMI), a monthly indicator derived from the PMI surveys, continued its upward trajectory in November on the back of faster manufacturing growth.
The EMI rose to 52.1, from 51.7 in October, signalling the fastest expansion in business activity across global emerging markets since March.
Moderate rise in activity across manufacturing and services sector were signalled in China, Russia and Brazil, while Indian private sector output fell for the fifth month running, HSBC said.
The HSBC composite manufacturing and services PMI for China increased in November to 52.3 from 51.8 in October, while, the HSBC composite manufacturing and services PMI for Brazil and Russia, though witnessed a decline over the previous month, yet remained above the 50 mark that distinguishes growth over contraction.
The PMI for Brazil declined to 51.8 in November from 52 in the previous month and for Russia it fell to 52.2 from 53.3.
For India, the index increased in November to 48.5 over the previous month (47.5) but remained below the 50 mark that indicates expansion.
"Emerging markets activity picked up in November. Expansion continued in Brazil, China and Russia, though at a moderate pace, contrasting with India, where there was a fifth consecutive month of contraction.
"New orders were stable, and at a level higher than output, suggesting a year-end with a clear acceleration of activity vis-a-vis previous quarters," HSBC Chief Economist, LATAM Andre Loes said.
"The services print for the BRIC countries replicates the overall performance of the composite index: moderate growth for Brazil, China and Russia, and a disappointing reading for India showing a fifth month of contraction, even though it has recovered from September's recent low," Loes added.
Meanwhile, the HSBC Emerging Markets Future Output Index that tracks firms' expectations for activity in 12 months time eased in November, reflecting the weaker expectations at service providers.
Among the largest emerging markets, Brazil continued to post a marked degree of sentiment regarding future output, while Russian firms were less optimistic, on average, than their counterparts in China and India, HSBC said.