New Delhi, Dec 15 : For the year ending November 23, realty (59 per cent) and auto (33 per cent) made the highest gains, while bank (3 per cent) was the lowest performer, according to a report by Tata Mutual Fund. All major sectors gained in November. Realty gained the most for the month. Mid-cap and small cap index continue to outperform the large cap index on both one month and one year period, the report said. One-year forward PE stands at 20x, higher than the historical average. Expected earnings for FY24 is 15.0 per cent and FY25 is at 15.8 per cent. Over the last 12 months, the Nifty 50 (7.33 per cent) has outperformed the MSCI EM index (4.65 per cent), the report said. In P/E terms, the Nifty 50 is trading at 69 per cent premium to the MSCI EM index, above its historical average of 48 per cent. The premium however has reduced from peak of 80-85 per cent about 12 months back. Stable macros, broad based earnings growth and robust banking/corporate sector health driving the premium, the report said. Risk from electoral event has reduced post recent state election results. /IANS