Cannot add applications to favorites bar in Finder
Although this tip does not add Application Alias' to the Sidebar, they can be added to the toolbar.
Add Application Shortcuts (Alias') to the Finder Toolbar

Open 2 Finder Windows (From Finder use ⌘+N)
Be sure one of them is showing your Applications Folder and both can be seen on screen together
Using the other Finder Window, right click or option+click in the toolbar area and select Customize Toolbar... from the dropdown.  (This can also be accessed from the Menu - View &gt; Customize Toolbar...)
Drag your desired application from the first window (your Applications Folder) to the Toolbar on the Finder Window being edited.  Select Done button and all Finder Windows will now display your favorite Apps for quick access.  See the screenshots below.