A massive day at the coal face for Australia's stockbrokers, but little panic among those working in the markets.

''It's far from panic stations,'' says Patrick Trindade, head of private wealth at Phillip Capital.

''The market is in a minor correction mode. All the major banks have been sold off, as well as BHP and Rio Tinto, but remember it was options expiry and index expiry date today - that means we had large volumes of shares traded to close out positions. We also some more profit takings from the banks.''