MADRID, SPAIN - MAY 08: Novak Djokovic of Serbia holds his winners trophy by the Madrid centre court logo after his three set victory against Andy Murray of Great Britain in the mens final during day nine of the Mutua Madrid Open tennis tournament at the Caja Magica on May 08, 2016 in Madrid,Spain. (Photo by Clive Brunskill/Getty Images)

World no.1 Novak Djokovic has defeated Andy Murray in three sets to claim a record 29th career Masters title.

Djokovic won the match 6-2, 3-6, 6-3 in two hours and six minutes, to win his second Madrid Open title.

The win sees Murray drop in the world rankings to no.3, with Roger Federer moving up to world no.2.

Djokovic has now won the past five Masters titles and overtakes Rafael Nadal on 28 Masters title wins.

The win is also the Serbian's 15th consecutive win over top-10 ranked opponents.