  We study the cancellation of differential ac Stark shifts in the 5s and 5p
states of rubidium atom using the linearly and circularly polarized lights by
calculating their dynamic polarizabilities. Matrix elements were calculated
using a relativistic coupled-cluster method at the single, double and important
valence triple excitations approximation including all possible non-linear
correlation terms. Some of the important matrix elements were further optimized
using the experimental results available for the lifetimes and static
polarizabilities of atomic states. "Magic wavelengths" are determined from the
differential Stark shifts and results for the linearly polarized light are
compared with the previously available results. Possible scope of facilitating
state-insensitive optical trapping schemes using the magic wavelengths for
circularly polarized light are discussed. Using the optimized matrix elements,
the lifetimes of the 4d and 6s states of this atom are ameliorated.
