New Delhi, Sept. 23 -- India's automobile sales are likely to get near-term support from inventory build-up ahead of the festive season, but growth rates may ease thereafter as the industry moves against a high base, JM Financial Institutional Securities said in a sector report.

"We expect inventory build-up ahead of the festive season to support wholesale volumes in the near term, following which, growth rates are expected to normalise over a high base," the brokerage said in its automobile sector update.

The report said demand momentum remained healthy across major automobile segments, although the pace of growth differed sharply between passenger vehicles and two-wheelers.

Domestic passenger vehicle volumes rose 37 per cent year-on-...