diff --git a/CHANGELOG.md b/CHANGELOG.md
index c3590d742..7f3a17466 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -72,6 +72,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Bump `bufbuild/buf-setup-action` from 1.26.1 to 1.27.0 ([#1624](https://github.com/NibiruChain/nibiru/pull/1624))
 - Bump `stefanzweifel/git-auto-commit-action` from 4 to 5 ([#1625](https://github.com/NibiruChain/nibiru/pull/1625))
 
+### Bug Fixes
+
+* [#1606](https://github.com/NibiruChain/nibiru/pull/1606) - fix(perp): emit `MarketUpdatedEvent` in the absence of index price
+
 ## [v0.21.10]
 
 ### Features
diff --git a/x/perp/v2/module/abci.go b/x/perp/v2/module/abci.go
index 8b9edb281..6326700dc 100644
--- a/x/perp/v2/module/abci.go
+++ b/x/perp/v2/module/abci.go
@@ -37,18 +37,19 @@ func EndBlocker(ctx sdk.Context, k keeper.Keeper) []abci.ValidatorUpdate {
 			continue
 		}
 
-		indexTwap, err := k.OracleKeeper.GetExchangeRateTwap(ctx, amm.Pair)
-		if err != nil {
-			k.Logger(ctx).Error("failed to fetch twap index price", "market.Pair", market.Pair, "error", err)
-			continue
-		}
-
 		if markTwap.IsNil() || markTwap.IsZero() {
 			k.Logger(ctx).Error("mark price is zero", "market.Pair", market.Pair)
 			continue
 		}
 
-		if indexTwap.IsNil() || indexTwap.IsZero() {
+		var indexTwap sdk.Dec
+		indexTwap, err = k.OracleKeeper.GetExchangeRateTwap(ctx, amm.Pair)
+		if err != nil {
+			k.Logger(ctx).Error("failed to fetch twap index price", "market.Pair", market.Pair, "error", err)
+			indexTwap = sdk.OneDec().Neg()
+		}
+
+		if indexTwap.IsNil() {
 			k.Logger(ctx).Error("index price is zero", "market.Pair", market.Pair)
 			continue
 		}