Shanghai, China -- (Sports Network) - Australian Open winner Novak Djokovic defeated Russian star Nikolay Davydenko in straight sets on Sunday to capture the championship at the 2008 Tennis Masters Cup.

The second-seeded Djokovic handled the fourth-seeded Davydenko 6-1, 7-5 on Day 8 at Shanghai's Qi Zhong Stadium.

The 21-year-old Djokovic prevailed in 1 hour, 42 minutes, as he broke Davydenko's serve four times, compared to only one break for the 27-year-old loser.

"I'm very, very happy," said Djokovic, who kissed the court and tossed his racquet and shirt into the stands.

"It's a great achievement for me. The best eight players playing here says everything about the quality of the event and I would definitely put it on a level with the Grand Slams."

Djokovic raced out to a 5-0 lead in the first set and never looked back.

Davydenko actually saved some match points while trailing 3-5 in the second set and would eventually pull even in the stanza, but the inspired Serb was just too much for him on Day 8 and Djokovic ultimately closed out the match with a big serve that was netted by the Russian.

"For me I think was today a very difficult day," said Davydenko. "He played very good."

"Against Djokovic you need to be perfect, also play very fast and very good. That's what he did, and I didn't. I really had no chance."

Djokovic, who won this week's four-player Gold Group, went 4-1 for the week, including a victory over Davydenko in the round-robin portion of the event. Davydenko wound up 3-2 for the week, with both losses coming against Djokovic.

The world No. 3 Serbian Djokovic is now 2-1 lifetime against the world No. 5 Davydenko, with all three meetings coming this year. The speedy Russian prevailed in a Davis Cup bout earlier in the season.

The Belgrade native Djokovic now owns 11 career titles in 17 finals and went 4-3 in his 2008 title tilts. Davydenko went 3-2 in five finals this season, including a big Masters Series title in Miami. He dropped to 14-5 in his career ATP finals.

Djokovic captured his first-ever major title at the Aussie Open back in January. He went 64-17 this year and captured a bronze medal at the Olympic Games here in China.

The 6-foot-3 Djokovic pocketed $1.24 million this week, while Davydenko settled for $615,000 at this exclusive $4.45 million tournament.

Swiss great Roger Federer won this event the last two years, but was eliminated from semifinal contention by Scottish star Andy Murray here on Friday. Davydenko upset a weary Murray in Saturday's semis.

In Sunday's doubles final, the second-seeded tandem of Canadian Daniel Nestor and Serbian Nenad Zimonjic clinched the year-end No. 1 ranking by dousing the top-seeded duo of American twin brothers Bob and Mike Bryan 7-6 (7-3), 6-2. The 2003 and 2004 Masters Cup champion Bryans had been the year-end No. 1 team the previous three years.

Nestor-Zimonjic went 3-1 against the Bryans this season.

The 36-year-old Nestor also captured the Masters Cup doubles title last year, when he was paired with Bahamian Mark Knowles.

This prestigious event will shift to London next year.