A highly accurate displacement sensor using GMR elements for detecting displacement of a physical quantity such as angle provides a diminished waveform distortion of output voltage. At least two Wheatstone bridge circuits having a predetermined angular offset are installed, with each bridge circuit including a plurality of GMR elements. Each of the GMR elements has a fixed magnetic layer set to a predetermined magnetization direction. An AC power supply is used, and displacement of a physical quantity, such as a rotational angle, is detected on the basis of AC-modulated outputs from the bridge circuits.