$M/\Gamma$ is orientable iff the elements of $\Gamma$ are orientation-preserving
Solution 1:
If the action is orientation-preserving, construct explicitly an orientation on the quotient. Fix an orientation on $M$. If $\bar x\in M/\Gamma$ is a point and $x\in M$ is such that $\pi(x)=\bar x$, the differential $d\pi_x:T_xM\to T_{\bar x}(M/\Gamma)$ is an isomorphism, so you can push the orientation of $T_xM$ given by the orientation of $M$ to one on $T_{\bar x}(M/\Gamma)$. Check that this depends only on $\bar x$ and not on the preimage $x$ chosen: this is where the hypothesis comes in. Finally, check that this way of orienting the tangent spaces to $M/\Gamma$ is in fact an orientation of $M/\Gamma$.
Can you do the converse?