As I felt a serious issue on this. I believe this answer might be helpful.
After trying for around 10 to 12 hours to fix this issue and as everything else regarding my project and coding was fine enough, it became a headache for me. But after getting some valuable comments from some of the expert users of stack-overflow and after doing some more search on the internet, I have found some quality answers.
This answer helped me the most:
application loader stuck at the stage of "Authenticating with the iTunes Store"
If you are going to upload it through Application Loader and it gets stuck on "Authentication with the iTunes Store..."
or
You are going to upload it through XCode and it stucks on “Your application is being uploaded”
Then just keep your head cool and check this first method:
Check if your firewall protection is off. If not then turn it off. It maybe blocking you to connect your computer with iTunes
Store.
Try a different internet connection. The purpose for trying a different internet connection is that your current internet connection maybe blocking a required port for connection to Apple servers.
If the above steps doesn't help you then follow this second method:
Xcode needs java runtime for uploading your apps to the App Store.
enter 'java -version' in the terminal, java version should be 1.6 .If not then download
latest compatible java only from apple download center:
http://support.apple.com/kb/DL1572?viewlocale=en_US
If this still doesn't help then follow this third method:
This method enables the application loader to use the HTTP port instead of HTTPS.
Go to
Application Loader java folder :
/Applications/Xcode.app/Contents/Applications/Application Loader.app/Contents/MacOS/itms/java/lib
Open net.properties file using any text editor application like text mate
or sublime text
Change this particular line : #https.proxyPort=443
proxy port to
https.proxyPort=80
Save the file. And that's it !! You can easily upload your binary file to App
store now.
If the above methods still doesn't help then follow this fourth method: Regenerate your certificate
Goto iOS developer portal (https://developer.apple.com/membercenter).
Revoke current certificate which is used by your App for signing.
Remove current "iOS distribution provision profile" from Developer
portal.
Regenerate the iOS distribution certificate and add them in developer portal.
Regenerate "iOS distribution provision profile" for app store
distribution and download to mac.
Install it.
Try again using xcode/application loader to upload the build.
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