1) I did

cd C:\path\to\Qt
configure -static <any other options you need>

it took 10 minutes
worked fine.

2)i did

nmake sub-src

nothing happened
then I did

mingw32-make

A process started and run for 4-5 hours.
I want to know why name did not work with me and why mingw32 worked?

It ended with error like exited error return 1 and exited error return 2.
(sorry i did not note the exact error messages. I will have to waist 4-5 hours to get that error again.