Step 1: Recall the industrial recipe for bleaching powder.
Bleaching powder is manufactured by passing a gas over a dry solid base, this is the standard textbook preparation.
Step 2: Identify the gas and the solid.
The gas passed is chlorine, $Cl_2$, and the dry solid it is passed over is slaked lime, $Ca(OH)_2$.
Step 3: Write the reaction and name the product.
\[ Ca(OH)_2 + Cl_2 \to CaOCl_2 + H_2O \] The product, calcium oxychloride $CaOCl_2$, is the compound described in the question as M, the main constituent of bleaching powder, widely used for bleaching in the textile industry.
Step 4: Conclude.
The reactants are $Cl_2$ and $Ca(OH)_2$. \[ \boxed{X = Cl_2,\ Y = Ca(OH)_2} \]