The standard Buddhist term for the first sermon given by Gautama Buddha after his enlightenment is "Dharmachakra Pravartana Sutra," meaning "Setting in Motion the Wheel of Dharma." This sermon was delivered in Sarnath to his five former companions and outlined the Four Noble Truths and the Eightfold Path. While the question uses "Paramachakra Pravartana," likely a variant or less common phrasing, it strongly suggests this pivotal event.