perhaps you have the ability for clairalience. (being able to smell things spiritually). the smell of a baby, I'm not sure what it could mean, unless it is telling you that someone near you will soon announce they are pregnant. Or perhaps something new and exciting is about to come and be for you. anything new--not a baby, but a new opportunity. Or perhaps you are smelling the scent for someone who did lose a baby to death and they are either close to you right now--or will be in touch with you.
If you cannot attach this smell to someone who may be pregnant or may have lost a baby now or long past, who will be in touch or is currently in touch with you, I'd recommend being on the look out for this or a new opportunity that is exciting becoming known to you.
I have the ability of clairalience. however, I've never smelled the scent of a new baby. Generally, I will smell my dads cigarette smoking, or my uncles pipe tobacco. When I do medium readings, I often will smell something that is associated to that person--even doing regular psychic readings, I get smells and or tastes, (clairgustance). I can often tell what the spirit/clients favorite food is, or what they just had for lunch or will have for dinner that night.

I get a lot of raised eyebrows when I tell them what they ate or are thinking of cooking. I did a psychic reading over the phone once for a woman I had never met and she was in the process of cooking her dinner. I could smell and taste it and knew what herb she even put into the pot, just before we were on the phone for the reading. She nearly fell out of her chair (so she told me).
I smell hamburgers for people who LOVE hamburgers, and often can smell their occupation too--like grease for an auto repair man.
So, just pay attn to this smell and see if you can link it to someone now or in your near future. I am sure you'll soon figure it out!