Mumbai, May 8 -- After a sharp rally last month, caution is creeping into small- and mid-cap stocks (Smids), with analysts warning that elevated valuations have left the segment vulnerable to even modest macroeconomic or earnings-related shocks The BSE SmallCap and MidCap indices rose nearly 20% and 14% in April, their strongest monthly performances since May 2014. In comparison, the Sensex rose 7%. The spike, however, was uneven. Mid-caps saw broader participation and stronger earnings support, while gains in small-caps were concentrated in a narrower set of sectors and companies, raising concerns that parts of the segment may have run ahead of fundamentals. Analysts said the rally was largely a rebound from oversold levels, aided by stead...