Moving master database is a bit different process than moving any other system database. Here is the process on how to move the master database.
Before doing anything, make sure you are having proper backups.
Stop the SQL Services.
Go to the "SQL Server Configuration Manager".
In SQL Server 2005, Click "Start" >> "All Programs" >> "Microsoft SQL Server 2005" >> "Configuration Tools" >> SQL Server Configuration Manager
In SQL Server 2008, Click "Start" >> "All Programs" >> "Microsoft SQL Server 2008" >> "Configuration Tools" >> SQL Server Configuration Manager
In the left pane, click on "SQL Server Services"
Now in the right pane, select the SQL Server Service component (which looks like "SQL Server (InstanceName)" ) and go to its properties.
In the "Properties" page, go to the "Advanced" tab
In the "Startup Parameters", click on the drop list and modify the parameters -d and -l to the new location where you want the master data file (master.mdf) and log file (mastlog.ldf) to reside respectively.
-d stands for the fully qualified data file path of master database.
-l stands for the fully qualified log file path of master database.
-e stands for the fully qualified path of the error log file.
Now move the files manually to the new location.
Start the SQL Services.