A CPP magnetic sensing element is provided which may exhibit a large value of .DELTA.RA (the product of the resistance variation .DELTA.R and area A of the magnetic sensing element). The magnetic sensing element includes a free magnetic layer and a pinned magnetic layer. At least one of these layers has a (Co.sub.0.67Fe.sub.0.33).sub.100-aZ.sub.a alloy layer, wherein Z may represent at least one element selected from the group consisting of Al, Ga, Si, Ge, Sn, and Sb, and the parameter a may satisfy the relationship 0